Tidal Investments LLC Purchases Shares of 3,013,162 Intuitive Machines, Inc. $LUNR

Key Points

• Tidal Investments acquired 3,013,162 Intuitive Machines shares worth approximately $64.5 million, giving it a 1.32% stake. Institutional investors collectively own 72.21% of LUNR.
• Intuitive Machines reported a quarterly loss of $0.29 per share, missing estimates by $0.20, while revenue of $206.17 million fell short of expectations. The stock opened at $14.94, down 4.7%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $30.50, despite several target reductions. Meanwhile, insiders sold 12.39 million shares worth approximately $164.9 million in the last quarter.

Tidal Investments LLC acquired a new position in Intuitive Machines, Inc. (NASDAQ:LUNR - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,013,162 shares of the company's stock, valued at approximately $64,452,000. Tidal Investments LLC owned 1.32% of Intuitive Machines as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Nykredit A S purchased a new stake in Intuitive Machines in the 2nd quarter worth $25,000. International Assets Investment Management LLC bought a new stake in Intuitive Machines in the 4th quarter worth approximately $28,000. State of Wyoming purchased a new stake in shares of Intuitive Machines during the 1st quarter worth approximately $39,000. Larson Financial Group LLC boosted its position in shares of Intuitive Machines by 63.2% during the 4th quarter. Larson Financial Group LLC now owns 2,623 shares of the company's stock valued at $43,000 after acquiring an additional 1,016 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Intuitive Machines by 34.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,793 shares of the company's stock worth $52,000 after purchasing an additional 712 shares during the last quarter. Hedge funds and other institutional investors own 72.21% of the company's stock.

Intuitive Machines Trading Down 4.7%

NASDAQ LUNR opened at $14.94 on Thursday. Intuitive Machines, Inc. has a 12-month low of $7.78 and a 12-month high of $46.75. The company has a fifty day simple moving average of $15.64 and a two-hundred day simple moving average of $21.71. The stock has a market cap of $3.42 billion, a P/E ratio of -15.73 and a beta of 1.85.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.20). The firm had revenue of $206.17 million for the quarter, compared to analysts' expectations of $212.32 million. As a group, sell-side analysts forecast that Intuitive Machines, Inc. will post -0.6 earnings per share for the current year.

Insider Transactions at Intuitive Machines

In other Intuitive Machines news, major shareholder International L.P. Advent sold 11,495,514 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $12.84, for a total transaction of $147,602,399.76. Following the sale, the insider owned 11,495,514 shares in the company, valued at approximately $147,602,399.76. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Timothy Crain, II sold 150,000 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $21.87, for a total value of $3,280,500.00. Following the completion of the transaction, the senior vice president directly owned 351,279 shares in the company, valued at $7,682,471.73. This represents a 29.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 12,389,042 shares of company stock worth $164,885,256. 54.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on LUNR shares. Canaccord Genuity Group lowered their price objective on shares of Intuitive Machines from $41.00 to $39.00 and set a "buy" rating for the company in a research report on Tuesday, August 18th. Bank of America lifted their price objective on shares of Intuitive Machines from $11.00 to $13.00 and gave the company an "underperform" rating in a report on Monday, August 31st. Roth Capital set a $30.00 price target on Intuitive Machines in a research report on Thursday, August 13th. Cantor Fitzgerald dropped their target price on Intuitive Machines from $43.00 to $32.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $34.00 price objective on shares of Intuitive Machines in a research report on Wednesday, May 20th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $30.50.

Intuitive Machines Profile

Intuitive Machines is a Houston, Texas–based aerospace company specializing in commercial lunar exploration and services. The firm develops end-to-end solutions for robotic missions to the Moon, providing spacecraft design, mission management, navigation, communications, and data services under NASA's Commercial Lunar Payload Services (CLPS) program.

Founded in 2013 by aerospace engineers Steve Altemus, Tim Crain and Kris Kimel, Intuitive Machines has grown from a small startup into one of the leading private entities pursuing lunar surface deliveries.

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