Intuitive Machines (NASDAQ:LUNR) Stock Price Down 2.1% - Here's Why

Key Points

• Intuitive Machines shares fell 2.1% to $14.24 in midday trading, with volume down 26% from the stock’s average daily volume.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $30.50, despite several recent target reductions.
• The company reported a quarterly EPS loss of $0.29, missing estimates by $0.20, while revenue of $206.17 million also fell short of expectations; insiders sold more than 12.2 million shares worth $158.6 million over the past three months.

Intuitive Machines, Inc. (NASDAQ:LUNR - Get Free Report)'s stock price dropped 2.1% on Wednesday. The company traded as low as $14.22 and last traded at $14.24. 8,843,615 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 12,029,831 shares. The stock had previously closed at $14.55.

Analysts Set New Price Targets

Several research firms have commented on LUNR. Bank of America lifted their price target on shares of Intuitive Machines from $11.00 to $13.00 and gave the stock an "underperform" rating in a research note on Monday, August 31st. B. Riley Financial lowered their price target on shares of Intuitive Machines from $45.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Zacks Research raised Intuitive Machines from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 14th. Stifel Nicolaus raised Intuitive Machines from a "hold" rating to a "buy" rating and lowered their target price for the company from $32.00 to $26.00 in a research note on Friday, August 14th. Finally, Canaccord Genuity Group reduced their price target on Intuitive Machines from $41.00 to $39.00 and set a "buy" rating on the stock in a research report on Tuesday, August 18th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Intuitive Machines has a consensus rating of "Moderate Buy" and a consensus price target of $30.50.

Intuitive Machines Price Performance

The company has a market capitalization of $3.26 billion, a P/E ratio of -14.99 and a beta of 1.85. The company has a 50 day moving average of $15.27 and a 200-day moving average of $21.42.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.20). The company had revenue of $206.17 million during the quarter, compared to the consensus estimate of $212.32 million. Research analysts predict that Intuitive Machines, Inc. will post -0.6 EPS for the current fiscal year.

Insider Buying and Selling at Intuitive Machines

In related news, Director Kamal Ghaffarian sold 1,698 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $16.00, for a total transaction of $27,168.00. Following the completion of the transaction, the director owned 3,494,768 shares of the company's stock, valued at $55,916,288. This trade represents a 0.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy Crain, II sold 50,000 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $15.05, for a total value of $752,500.00. Following the completion of the sale, the senior vice president directly owned 351,279 shares in the company, valued at approximately $5,286,748.95. This represents a 12.46% 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. Over the last three months, insiders sold 12,201,528 shares of company stock worth $158,629,235. Insiders own 54.10% of the company's stock.

Hedge Funds Weigh In On Intuitive Machines

Several large investors have recently modified their holdings of the stock. Tidal Investments LLC purchased a new position in Intuitive Machines in the second quarter worth about $64,452,000. WINTON GROUP Ltd grew its holdings in shares of Intuitive Machines by 538.9% during the second quarter. WINTON GROUP Ltd now owns 171,857 shares of the company's stock valued at $3,676,000 after buying an additional 144,957 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Intuitive Machines during the second quarter valued at approximately $1,732,000. Integrated Wealth Concepts LLC purchased a new position in Intuitive Machines in the 2nd quarter worth approximately $88,000. Finally, Connective Capital Management LLC purchased a new position in Intuitive Machines in the 2nd quarter worth approximately $393,000. Hedge funds and other institutional investors own 72.21% of the company's stock.

About Intuitive Machines

Intuitive Machines, Inc is a space exploration and infrastructure company headquartered in Houston, Texas. The company develops and delivers lunar missions, spacecraft, and related services for government and commercial customers, with a focus on supporting a sustainable presence on the Moon.

Its activities include lunar payload delivery, spacecraft and lander development, lunar communications and navigation services, and the collection and transmission of data from the lunar surface. Intuitive Machines' Nova-C lunar lander is designed to transport scientific instruments, technology demonstrations, and other payloads to the Moon.

Founded in 2013 by Stephen Altemus, who serves as president and chief executive officer, Intuitive Machines has supported NASA's Commercial Lunar Payload Services program.

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