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

Intuitive Machines, Inc. (NASDAQ:LUNR - Get Free Report) shares dropped 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. Approximately 32,169,258 shares traded hands during trading, an increase of 116% from the average daily volume of 14,865,883 shares. The stock had previously closed at $11.26.

Other equities analysts have also recently issued reports about the stock. Benchmark boosted their target price on shares of Intuitive Machines from $10.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Bank of America assumed coverage on shares of Intuitive Machines in a report on Wednesday, February 5th. They set an "underperform" rating and a $16.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Intuitive Machines in a research note on Tuesday, February 25th. They issued a "hold" rating and a $18.00 target price for the company. Finally, Cantor Fitzgerald upped their price objective on Intuitive Machines from $10.00 to $15.00 and gave the company an "overweight" rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $16.13.

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Insiders Place Their Bets

In other news, insider Steven Vontur sold 4,528 shares of the company's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $19.60, for a total value of $88,748.80. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kamal Seyed Ghaffarian sold 377,973 shares of Intuitive Machines stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.35, for a total transaction of $6,935,804.55. Following the sale, 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 393,659 shares of company stock valued at $7,262,364. Company insiders own 73.68% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP purchased a new stake in Intuitive Machines during the fourth quarter valued at about $33,255,000. D. E. Shaw & Co. Inc. boosted its holdings in Intuitive Machines by 3,991.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,161,981 shares of the company's stock valued at $21,102,000 after purchasing an additional 1,133,581 shares during the period. Vanguard Group Inc. increased its position in shares of Intuitive Machines by 33.6% during the fourth quarter. Vanguard Group Inc. now owns 4,047,538 shares of the company's stock valued at $73,503,000 after purchasing an additional 1,017,706 shares during the period. Renaissance Technologies LLC grew its stake in shares of Intuitive Machines by 99.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,220,800 shares of the company's stock valued at $22,170,000 after purchasing an additional 609,118 shares during the period. Finally, Driehaus Capital Management LLC acquired a new position in Intuitive Machines in the fourth quarter valued at about $9,133,000. 72.21% of the stock is currently owned by institutional investors.

Intuitive Machines Stock Performance

The company's 50-day moving average is $18.67 and its 200-day moving average is $12.76. The firm has a market cap of $951.55 million, a price-to-earnings ratio of -2.31 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.