Intuitive Machines (NASDAQ:LUNR) Shares Gap Down - Here's Why

Key Points

• Intuitive Machines shares fell from $10.49 to $9.29 before the market opened, with a last trading price of $9.11, marking a significant 14.2% drop.
• Analysts have provided mixed insights, with Roth Capital maintaining a "buy" rating, while Bank of America downgraded the stock to "underperform" with a reduced target price of $10.50.
• The company reported a quarterly loss of ($0.11) earnings per share, missing expectations, and had revenue of $50.31 million, which was below estimates of $69.19 million.

Shares of Intuitive Machines, Inc. (NASDAQ:LUNR - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $10.49, but opened at $9.29. Intuitive Machines shares last traded at $9.11, with a volume of 9,575,798 shares traded.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LUNR. Roth Capital reiterated a "buy" rating on shares of Intuitive Machines in a research report on Tuesday, May 13th. Craig Hallum initiated coverage on Intuitive Machines in a research report on Tuesday, July 22nd. They set a "buy" rating and a $17.00 price objective on the stock. Bank of America reduced their target price on Intuitive Machines from $16.00 to $10.50 and set an "underperform" rating on the stock in a report on Wednesday, July 16th. Canaccord Genuity Group reduced their target price on Intuitive Machines from $21.50 to $19.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Barclays initiated coverage on Intuitive Machines in a report on Thursday, May 22nd. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.35.

Intuitive Machines Stock Down 14.2%

The firm has a 50 day moving average of $11.04 and a two-hundred day moving average of $11.53. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -2.79 and a beta of 1.40.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last released its quarterly earnings data 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 company had revenue of $50.31 million during the quarter, compared to analyst estimates of $69.19 million. Sell-side analysts forecast that Intuitive Machines, Inc. will post 0.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kamal Seyed Ghaffarian sold 40,254 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $13.49, for a total value of $543,026.46. Following the sale, the director directly owned 3,494,768 shares of the company's stock, valued at $47,144,420.32. This trade represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 201,270 shares of company stock valued at $2,481,659 over the last quarter. Company insiders own 39.75% of the company's stock.

Hedge Funds Weigh In On Intuitive Machines

Several large investors have recently bought and sold shares of the company. Quarry LP bought a new position in shares of Intuitive Machines during the fourth quarter worth about $44,000. Golden State Wealth Management LLC raised its position in shares of Intuitive Machines by 180.0% during the second quarter. Golden State Wealth Management LLC now owns 2,800 shares of the company's stock worth $30,000 after acquiring an additional 1,800 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Intuitive Machines by 35.6% during the second quarter. Nisa Investment Advisors LLC now owns 4,292 shares of the company's stock worth $47,000 after acquiring an additional 1,127 shares during the last quarter. Ancora Advisors LLC bought a new position in shares of Intuitive Machines during the fourth quarter worth about $91,000. Finally, GAMMA Investing LLC raised its position in shares of Intuitive Machines by 97,862.5% during the first quarter. GAMMA Investing LLC now owns 7,837 shares of the company's stock worth $580,000 after acquiring an additional 7,829 shares during the last quarter. 72.21% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.