Intuitive Machines (NASDAQ:LUNR) Stock Price Down 3.2%

Intuitive Machines, Inc. (NASDAQ:LUNR) shares traded down 3.2% during mid-day trading on Wednesday . The company traded as low as $6.68 and last traded at $6.90. 2,849,728 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 9,798,045 shares. The stock had previously closed at $7.13.

Wall Street Analysts Forecast Growth

Several research firms have commented on LUNR. Cantor Fitzgerald cut their price objective on shares of Intuitive Machines from $13.00 to $10.00 and set an “overweight” rating on the stock in a research report on Friday, March 22nd. Benchmark reaffirmed a “buy” rating and set a $10.00 price target on shares of Intuitive Machines in a research note on Friday, March 15th.

Intuitive Machines Trading Down 9.2 %

The stock has a 50 day moving average of $5.29 and a 200-day moving average of $3.89. The stock has a market capitalization of $574.63 million, a P/E ratio of 2.53 and a beta of 0.22.

Insiders Place Their Bets

In other news, major shareholder Guy Shanon sold 123,717 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $8.99, for a total transaction of $1,112,215.83. Following the completion of the sale, the insider now directly owns 1,302,673 shares of the company’s stock, valued at $11,711,030.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 78.93% of the company’s stock.

Hedge Funds Weigh In On Intuitive Machines

Institutional investors have recently modified their holdings of the stock. Hemington Wealth Management bought a new position in Intuitive Machines in the fourth quarter worth approximately $26,000. Cypress Financial Planning LLC purchased a new stake in shares of Intuitive Machines in the 3rd quarter worth $39,000. Virtu Financial LLC bought a new position in shares of Intuitive Machines during the 4th quarter worth $81,000. State Street Corp purchased a new position in shares of Intuitive Machines during the second quarter valued at $111,000. Finally, Northern Trust Corp raised its holdings in shares of Intuitive Machines by 179.1% in the fourth quarter. Northern Trust Corp now owns 47,765 shares of the company’s stock valued at $122,000 after acquiring an additional 30,649 shares in the last quarter. 72.21% of the stock is owned by hedge funds and other institutional investors.

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 µNova, a lunar rocket-fueled drone, lunar surface rover services, fixed lunar surface services, rideshare delivery services, lunar access services, lunar orbit delivery services, and lunar data network services, as well as content sales and marketing.