Intuitive Machines (NASDAQ:LUNR) Stock Price Down 4.8% - Here's What Happened

Shares of Intuitive Machines, Inc. (NASDAQ:LUNR - Get Free Report) dropped 4.8% during trading on Tuesday . The stock traded as low as $20.30 and last traded at $20.72. Approximately 6,228,628 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 17,562,473 shares. The stock had previously closed at $21.76.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LUNR. Benchmark increased their price objective 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. B. Riley raised their price target on shares of Intuitive Machines from $8.00 to $12.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Cantor Fitzgerald upped their price objective on Intuitive Machines from $10.00 to $15.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Canaccord Genuity Group cut their target price on Intuitive Machines from $19.00 to $17.50 and set a "buy" rating for the company in a research report on Friday, December 6th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $10.00 price target on shares of Intuitive Machines in a research note on Wednesday, September 18th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $14.10.

Intuitive Machines Price Performance

The business's 50 day moving average price is $13.31 and its 200-day moving average price is $8.24. The company has a market cap of $2.79 billion, a P/E ratio of -6.76 and a beta of 0.90.

Insider Activity

In other news, SVP Timothy Price Crain II sold 400,000 shares of the company's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $12.10, for a total transaction of $4,840,000.00. Following the transaction, the senior vice president now owns 362,810 shares of the company's stock, valued at $4,390,001. This represents a 52.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kamal Seyed Ghaffarian sold 344,893 shares of the firm's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $8.02, for a total value of $2,766,041.86. Following the completion of the transaction, the director now owns 3,494,768 shares in the company, valued at approximately $28,028,039.36. This represents a 8.98 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,954,713 shares of company stock worth $24,475,385. 73.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of Intuitive Machines by 275.2% during the third quarter. Barclays PLC now owns 37,323 shares of the company's stock worth $300,000 after buying an additional 27,376 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Intuitive Machines by 31.2% during the 3rd quarter. Geode Capital Management LLC now owns 933,272 shares of the company's stock valued at $7,514,000 after acquiring an additional 222,136 shares during the last quarter. Savoie Capital LLC acquired a new position in shares of Intuitive Machines in the 3rd quarter valued at $112,000. State Street Corp boosted its position in shares of Intuitive Machines by 1.3% in the 3rd quarter. State Street Corp now owns 576,051 shares of the company's stock worth $4,637,000 after purchasing an additional 7,538 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Intuitive Machines during the third quarter worth $525,000. 72.21% of the stock is currently owned by institutional investors and hedge funds.

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.