Intuitive Machines (NASDAQ:LUNR) Sees Strong Trading Volume – Still a Buy?

Intuitive Machines, Inc. (NASDAQ:LUNR) shares saw an uptick in trading volume on Wednesday . 6,762,584 shares were traded during trading, a decline of 24% from the previous session’s volume of 8,949,367 shares.The stock last traded at $11.26 and had previously closed at $10.40.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LUNR. Roth Mkm reiterated a “buy” rating and set a $10.00 price target on shares of Intuitive Machines in a research report on Wednesday, September 18th. Benchmark restated a “buy” rating and issued a $10.00 target price on shares of Intuitive Machines in a research report on Wednesday, September 18th. B. Riley increased their price target on Intuitive Machines from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price objective on shares of Intuitive Machines in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Intuitive Machines currently has a consensus rating of “Buy” and an average target price of $10.60.

Intuitive Machines Price Performance

The company has a fifty day simple moving average of $7.77 and a two-hundred day simple moving average of $5.63. The company has a market capitalization of $1.32 billion, a P/E ratio of -12.73 and a beta of 0.35.

Intuitive Machines (NASDAQ:LUNR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The firm had revenue of $41.41 million for the quarter, compared to analyst estimates of $43.00 million. Equities analysts anticipate that Intuitive Machines, Inc. will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In other Intuitive Machines news, Director Kamal Seyed Ghaffarian sold 570,705 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $6.08, for a total transaction of $3,469,886.40. Following the completion of the sale, the director now owns 3,551,606 shares in the company, valued at approximately $21,593,764.48. The trade was a 13.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Timothy Price Crain II sold 400,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $12.10, for a total transaction of $4,840,000.00. Following the sale, the senior vice president now owns 362,810 shares of the company’s stock, valued at $4,390,001. The trade was a 52.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,763,571 shares of company stock valued at $38,671,383 over the last three months. 73.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intuitive Machines

Several institutional investors and hedge funds have recently made changes to their positions in LUNR. Vanguard Group Inc. grew its holdings in shares of Intuitive Machines by 250.0% in the 1st quarter. Vanguard Group Inc. now owns 601,354 shares of the company’s stock valued at $3,758,000 after buying an additional 429,531 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Intuitive Machines during the 2nd quarter worth about $536,000. Bank of New York Mellon Corp acquired a new position in shares of Intuitive Machines during the 2nd quarter worth about $272,000. FORA Capital LLC bought a new stake in shares of Intuitive Machines in the 3rd quarter valued at about $458,000. Finally, Sanders Morris Harris LLC raised its holdings in shares of Intuitive Machines by 264.9% in the 2nd quarter. Sanders Morris Harris LLC now owns 69,700 shares of the company’s stock valued at $230,000 after purchasing an additional 50,600 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.

About Intuitive Machines

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.