Intuitive Machines (NASDAQ:LUNR) Sees Strong Trading Volume – Time to Buy?

Intuitive Machines, Inc. (NASDAQ:LUNR) shares saw unusually-high trading volume on Tuesday . Approximately 13,460,023 shares changed hands during mid-day trading, an increase of 41% from the previous session’s volume of 9,557,653 shares.The stock last traded at $13.15 and had previously closed at $11.68.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Cantor Fitzgerald boosted 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. Benchmark increased their price objective on shares of Intuitive Machines from $10.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday. B. Riley raised their price objective on Intuitive Machines from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Canaccord Genuity Group upped their price objective on Intuitive Machines from $11.00 to $12.50 and gave the company a “buy” rating in a research note on Friday. Finally, Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Intuitive Machines in a research report on Wednesday, September 18th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Intuitive Machines presently has an average rating of “Buy” and an average target price of $13.10.

Intuitive Machines Stock Up 6.7 %

The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -4.26 and a beta of 0.35. The stock’s 50 day moving average is $8.14 and its 200 day moving average is $5.76.

Insider Buying and Selling

In other news, CEO Stephen J. Altemus sold 138,568 shares of Intuitive Machines stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $11.10, for a total value of $1,538,104.80. Following the completion of the sale, the chief executive officer now directly owns 910,919 shares of the company’s stock, valued at approximately $10,111,200.90. This trade represents a 13.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Timothy Price Crain II sold 197,637 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $6.05, for a total transaction of $1,195,703.85. Following the completion of the sale, the senior vice president now owns 362,810 shares in the company, valued at $2,195,000.50. This represents a 35.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,763,571 shares of company stock valued at $38,671,383. Company insiders own 73.68% of the company’s stock.

Institutional Trading of Intuitive Machines

A number of hedge funds and other institutional investors have recently made changes to their positions in LUNR. Vanguard Group Inc. increased its holdings in Intuitive Machines by 250.0% during the first quarter. Vanguard Group Inc. now owns 601,354 shares of the company’s stock worth $3,758,000 after buying an additional 429,531 shares during the last quarter. Geode Capital Management LLC boosted its position 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 acquiring an additional 222,136 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Intuitive Machines in the second quarter valued at about $536,000. Bank of New York Mellon Corp bought a new stake in shares of Intuitive Machines in the second quarter valued at about $272,000. Finally, Stifel Financial Corp bought a new stake in Intuitive Machines during the third quarter worth about $525,000. 72.21% of the stock is currently owned by institutional investors and hedge funds.

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.