Intuitive Machines (NASDAQ:LUNR) Shares Down 19.8% After Analyst Downgrade

Shares of Intuitive Machines, Inc. (NASDAQ:LUNR) fell 19.8% during trading on Monday 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 $7.04 and last traded at $7.04. 10,227,757 shares were traded during mid-day trading, a decline of 33% from the average session volume of 15,262,311 shares. The stock had previously closed at $8.77.

Other equities research analysts have also issued reports about the stock. Cantor Fitzgerald upped their price objective on shares of Intuitive Machines from $10.00 to $15.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Bank of America assumed coverage on Intuitive Machines in a report on Wednesday, February 5th. They issued an “underperform” rating and a $16.00 target price for the company. Benchmark increased their price target on Intuitive Machines from $10.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Intuitive Machines in a research note 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 given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Intuitive Machines has an average rating of “Moderate Buy” and a consensus price target of $16.13.

Insider Activity

In other news, Director Kamal Seyed Ghaffarian sold 377,973 shares of Intuitive Machines stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $18.35, for a total transaction of $6,935,804.55. Following the completion of the transaction, the director now directly owns 3,494,768 shares in the company, valued at $64,128,992.80. This trade represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Vontur sold 9,266 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $22.50, for a total transaction of $208,485.00. Following the completion of the sale, the insider now owns 98,656 shares in the company, valued at $2,219,760. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 393,659 shares of company stock worth $7,262,364 over the last quarter. 73.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. FORA Capital LLC bought a new position in Intuitive Machines during the 3rd quarter valued at $458,000. Geode Capital Management LLC raised its holdings in shares of Intuitive Machines by 31.2% in the third quarter. Geode Capital Management LLC now owns 933,272 shares of the company’s stock valued at $7,514,000 after purchasing an additional 222,136 shares during the last quarter. Van ECK Associates Corp bought a new position in shares of Intuitive Machines during the fourth quarter valued at about $3,403,000. Entropy Technologies LP purchased a new position in Intuitive Machines during the fourth quarter worth about $895,000. Finally, Spire Wealth Management bought a new stake in Intuitive Machines in the 4th quarter worth about $469,000. Hedge funds and other institutional investors own 72.21% of the company’s stock.

Intuitive Machines Stock Performance

The company’s 50 day simple moving average is $18.67 and its 200 day simple moving average is $12.76. The stock has a market cap of $993.66 million, a PE ratio of -2.41 and a beta of 1.01.

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.