Intuitive Machines (NASDAQ:LUNR) Trading Down 6.2% on Insider Selling

Key Points

• Intuitive Machines shares fell 6.2% to $15.24 after SVP Timothy Crain sold a combined 150,000 shares worth about $2.15 million through pre-arranged Rule 10b5-1 trading plans.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $30.50, although ratings range from “Buy” to “Sell.”
• The company reported a quarterly loss of $0.29 per share, missing the $0.09 consensus estimate, while revenue of $206.17 million also came in below expectations.

Intuitive Machines, Inc. (NASDAQ:LUNR - Get Free Report) fell 6.2% on Wednesday following insider selling activity. The stock traded as low as $15.11 and last traded at $15.24. Approximately 7,172,918 shares changed hands during trading, a decline of 41% from the average session volume of 12,152,166 shares. The stock had previously closed at $16.24.

Specifically, SVP Timothy Crain, II sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $15.05, for a total transaction of $752,500.00. Following the completion of the sale, the senior vice president owned 351,279 shares of the company's stock, valued at $5,286,748.95. This trade represents a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy Crain, II sold 100,000 shares of Intuitive Machines stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $13.98, for a total value of $1,398,000.00. Following the completion of the sale, the senior vice president owned 351,279 shares of the company's stock, valued at approximately $4,910,880.42. The trade was a 22.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Zacks Research upgraded Intuitive Machines from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 14th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Intuitive Machines in a research note on Monday. Bank of America boosted their target price on shares of Intuitive Machines from $11.00 to $13.00 and gave the company an "underperform" rating in a research report on Monday, August 31st. Canaccord Genuity Group cut their target price on shares of Intuitive Machines from $41.00 to $39.00 and set a "buy" rating on the stock in a research note on Tuesday, August 18th. Finally, Roth Capital set a $30.00 target price on shares of Intuitive Machines in a research note on Thursday, August 13th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.50.

Intuitive Machines Stock Performance

The stock's 50 day simple moving average is $15.15 and its 200 day simple moving average is $21.52. The firm has a market cap of $3.49 billion, a P/E ratio of -16.04 and a beta of 1.85.

Intuitive Machines (NASDAQ:LUNR - Get Free Report) last released 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 business had revenue of $206.17 million for the quarter, compared to analysts' expectations of $212.32 million. As a group, analysts forecast that Intuitive Machines, Inc. will post -0.6 EPS for the current fiscal year.

Institutional Trading of Intuitive Machines

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tema ETFs LLC boosted its stake in shares of Intuitive Machines by 139,768.2% in the 2nd quarter. Tema ETFs LLC now owns 3,105,074 shares of the company's stock worth $66,418,000 after buying an additional 3,102,854 shares during the last quarter. Tidal Investments LLC bought a new stake in Intuitive Machines during the second quarter worth $64,452,000. Renaissance Technologies LLC bought a new stake in Intuitive Machines during the first quarter worth $35,895,000. Bank of America Corp DE boosted its position in Intuitive Machines by 188.9% in the first quarter. Bank of America Corp DE now owns 1,882,973 shares of the company's stock worth $34,948,000 after purchasing an additional 1,231,188 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in Intuitive Machines by 202.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 461,564 shares of the company's stock worth $8,567,000 after purchasing an additional 308,755 shares during the last quarter. 72.21% of the stock is owned by hedge funds and other institutional investors.

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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