Intuitive Machines (NASDAQ:LUNR) Shares Gap Up - Here's What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $21.14, but opened at $22.38. Intuitive Machines shares last traded at $21.67, with a volume of 2,588,049 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LUNR. Cantor Fitzgerald increased their price target on Intuitive Machines from $10.00 to $15.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Benchmark upped their target price on Intuitive Machines from $10.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Finally, Canaccord Genuity Group lifted their target price on Intuitive Machines from $17.50 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $15.80.

Intuitive Machines Price Performance

The stock's 50 day simple moving average is $16.74 and its two-hundred day simple moving average is $10.13. The stock has a market capitalization of $3.15 billion, a PE ratio of -7.63 and a beta of 0.90.

Insiders Place Their Bets

In related news, Director Kamal Seyed Ghaffarian sold 377,973 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.35, for a total value of $6,935,804.55. Following the transaction, the director now owns 3,494,768 shares of the company's stock, valued at $64,128,992.80. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen J. Altemus sold 138,568 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $11.10, for a total value of $1,538,104.80. Following the transaction, the chief executive officer now owns 910,919 shares in the company, valued at $10,111,200.90. This trade represents a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,609,820 shares of company stock worth $21,709,343 over the last 90 days. Corporate insiders own 73.68% of the company's stock.

Institutional Investors Weigh In On Intuitive Machines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new stake in shares of Intuitive Machines in the 3rd quarter worth approximately $83,000. The Manufacturers Life Insurance Company purchased a new position in shares of Intuitive Machines during the third quarter valued at about $85,000. SG Americas Securities LLC bought a new position in Intuitive Machines in the third quarter worth about $93,000. Creative Planning bought a new stake in Intuitive Machines during the 3rd quarter valued at approximately $105,000. Finally, LMR Partners LLP purchased a new position in shares of Intuitive Machines during the 3rd quarter worth approximately $110,000. 72.21% of the stock is currently owned by institutional investors.

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.