Canaccord Genuity Group Has Lowered Expectations for Intuitive Machines (NASDAQ:LUNR) Stock Price

Key Points

• Canaccord Genuity Group has reduced its price target for Intuitive Machines from $21.50 to $19.00, while maintaining a "buy" rating, suggesting a potential upside of 93.68%.
• Intuitive Machines' stock hit $9.81 following a recent trading session, with a market capitalization of $1.75 billion and a 52-week range of $3.40 to $24.95.
• Insider transactions revealed significant selling, with the Director and CFO selling shares, resulting in a 39.75% insider ownership of the company.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) had its price target cut by equities research analysts at Canaccord Genuity Group from $21.50 to $19.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 86.00% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald lifted their price target on shares of Intuitive Machines from $13.00 to $16.00 and gave the company an "overweight" rating in a report on Wednesday, May 14th. Craig Hallum began coverage on shares of Intuitive Machines in a report on Tuesday, July 22nd. They set a "buy" rating and a $17.00 price target for the company. Bank of America cut their price target on shares of Intuitive Machines from $16.00 to $10.50 and set an "underperform" rating for the company in a report on Wednesday, July 16th. Roth Capital reissued a "buy" rating on shares of Intuitive Machines in a report on Tuesday, May 13th. Finally, Barclays began coverage on shares of Intuitive Machines in a report on Thursday, May 22nd. They set a "neutral" rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $15.35.

Intuitive Machines Price Performance

Shares of Intuitive Machines stock traded down $0.25 during trading on Friday, hitting $10.22. 1,330,156 shares of the company's stock traded hands, compared to its average volume of 10,336,573. The firm's fifty day moving average price is $11.05 and its 200 day moving average price is $11.54. Intuitive Machines has a twelve month low of $3.52 and a twelve month high of $24.95. The company has a market cap of $1.82 billion, a PE ratio of -3.16 and a beta of 1.40.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The firm had revenue of $50.31 million for the quarter, compared to analyst estimates of $69.19 million. As a group, equities research analysts anticipate that Intuitive Machines will post 0.73 earnings per share for the current year.

Insider Buying and Selling at Intuitive Machines

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 80,508 shares of the business's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $12.05, for a total value of $970,121.40. Following the completion of the transaction, the director directly owned 3,494,768 shares of the company's stock, valued at approximately $42,111,954.40. The trade was a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 201,270 shares of company stock valued at $2,481,659 over the last ninety days. Insiders own 39.75% of the company's stock.

Institutional Investors Weigh In On Intuitive Machines

A number of institutional investors and hedge funds have recently modified their holdings of LUNR. Vanguard Group Inc. raised its stake in shares of Intuitive Machines by 33.6% during the fourth quarter. Vanguard Group Inc. now owns 4,047,538 shares of the company's stock worth $73,503,000 after buying an additional 1,017,706 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Intuitive Machines by 63.8% during the fourth quarter. JPMorgan Chase & Co. now owns 20,645 shares of the company's stock worth $375,000 after buying an additional 8,041 shares during the last quarter. Alliancebernstein L.P. bought a new stake in shares of Intuitive Machines during the fourth quarter worth approximately $303,000. Geode Capital Management LLC raised its stake in shares of Intuitive Machines by 20.5% during the fourth quarter. Geode Capital Management LLC now owns 1,125,005 shares of the company's stock worth $20,437,000 after buying an additional 191,733 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Intuitive Machines by 29.7% during the fourth quarter. Wells Fargo & Company MN now owns 21,344 shares of the company's stock valued at $388,000 after purchasing an additional 4,889 shares during the period. 72.21% of the stock is owned by institutional investors.

About Intuitive Machines

Intuitive Machines, Inc designs, manufactures, and operates space products and services in the United States. Its space systems and space infrastructure enable scientific and human exploration and utilization of lunar resources to support sustainable human presence on the moon. The company offers lunar access services, such µNova, lunar surface rover services, fixed lunar surface services, lunar orbit delivery services, rideshare delivery services to lunar orbit, as well as content sales and marketing sponsorships; and orbital services, including satellite delivery and rideshare, satellite servicing and refueling, space station servicing, satellite repositioning, and orbital debris removal.