Intuitive Machines (NASDAQ:LUNR) Shares Down 19.9% After Analyst Downgrade

Intuitive Machines, Inc. (NASDAQ:LUNR) shares traded down 19.9% during trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $26.00 to $22.00. Canaccord Genuity Group currently has a buy rating on the stock. Intuitive Machines traded as low as $7.05 and last traded at $9.02. 32,169,258 shares changed hands during trading, an increase of 116% from the average session volume of 14,865,883 shares. The stock had previously closed at $11.26.

A number of other equities analysts have also recently commented on the company. Cantor Fitzgerald raised their target price on Intuitive Machines from $10.00 to $15.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Bank of America started coverage on shares of Intuitive Machines in a report on Wednesday, February 5th. They issued an “underperform” rating and a $16.00 price objective for the company. Benchmark lifted their price objective on shares of Intuitive Machines from $10.00 to $16.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Intuitive Machines in a report on Tuesday, February 25th. They issued a “hold” rating and a $18.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.57.

Insider Buying and Selling

In related news, Director Kamal Seyed Ghaffarian sold 377,973 shares of Intuitive Machines stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $18.35, for a total value of $6,935,804.55. Following the completion of the transaction, the director now owns 3,494,768 shares in the company, valued at $64,128,992.80. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Vontur sold 4,528 shares of Intuitive Machines stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $19.60, for a total transaction of $88,748.80. Following the completion of the transaction, the insider now owns 104,272 shares of the company’s stock, valued at $2,043,731.20. This represents a 4.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 393,659 shares of company stock worth $7,262,364 over the last 90 days. 73.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Creative Planning purchased a new stake in shares of Intuitive Machines during the 3rd quarter worth approximately $105,000. LMR Partners LLP purchased a new stake in shares of Intuitive Machines during the 3rd quarter worth approximately $110,000. Charles Schwab Investment Management Inc. lifted its position in shares of Intuitive Machines by 44.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 103,791 shares of the company’s stock worth $836,000 after buying an additional 32,015 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of Intuitive Machines by 16.5% during the 3rd quarter. Penserra Capital Management LLC now owns 147,857 shares of the company’s stock worth $1,190,000 after buying an additional 20,916 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Intuitive Machines during the 3rd quarter worth approximately $85,000. Hedge funds and other institutional investors own 72.21% of the company’s stock.

Intuitive Machines Stock Performance

The firm has a market cap of $1.23 billion, a PE ratio of -2.98 and a beta of 1.01. The firm’s 50-day moving average price is $18.67 and its two-hundred day moving average price is $12.66.

Intuitive Machines Company Profile

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.