Bank of America Cuts Intuitive Machines (NASDAQ:LUNR) Price Target to $10.50

Intuitive Machines (NASDAQ:LUNR) had its target price lowered by Bank of America from $16.00 to $10.50 in a report released on Wednesday,Benzinga reports. The firm currently has an underperform rating on the stock.

Several other equities analysts also recently commented on LUNR. Canaccord Genuity Group increased their price target on Intuitive Machines from $21.00 to $21.50 and gave the company a “buy” rating in a report on Wednesday, May 14th. Benchmark reiterated a “buy” rating and set a $16.00 price target on shares of Intuitive Machines in a report on Tuesday, March 25th. Cantor Fitzgerald increased their price objective on Intuitive Machines from $13.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, May 14th. Roth Capital reissued a “buy” rating on shares of Intuitive Machines in a research report on Tuesday, May 13th. Finally, Barclays assumed coverage on Intuitive Machines in a research report on Thursday, May 22nd. They issued a “neutral” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.44.

Intuitive Machines Stock Performance

NASDAQ:LUNR opened at $12.41 on Wednesday. The stock’s 50 day moving average price is $11.12 and its 200 day moving average price is $12.58. Intuitive Machines has a 52 week low of $3.15 and a 52 week high of $24.95. The company has a market capitalization of $2.22 billion, a P/E ratio of -4.55 and a beta of 1.41.

Intuitive Machines (NASDAQ:LUNR) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.10). The company had revenue of $62.52 million during the quarter, compared to analysts’ expectations of $66.07 million. As a group, sell-side analysts forecast that Intuitive Machines will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Intuitive Machines

In related news, Director Kamal Seyed Ghaffarian sold 161,016 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $12.10, for a total value of $1,948,293.60. Following the completion of the transaction, the director directly owned 3,494,768 shares of the company’s stock, valued at $42,286,692.80. This trade represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Peter Mcgrath sold 72,168 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $12.00, for a total value of $866,016.00. Following the completion of the transaction, the chief financial officer directly owned 366,824 shares of the company’s stock, valued at approximately $4,401,888. This trade represents a 16.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 353,946 shares of company stock valued at $4,269,089. 39.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Intuitive Machines by 9.2% during the first quarter. Vanguard Group Inc. now owns 4,421,279 shares of the company’s stock worth $32,939,000 after acquiring an additional 373,741 shares in the last quarter. Gotham Asset Management LLC acquired a new position in Intuitive Machines during the first quarter worth $15,739,000. Two Sigma Investments LP acquired a new position in Intuitive Machines during the fourth quarter worth $33,255,000. Voya Investment Management LLC acquired a new position in Intuitive Machines during the first quarter worth $11,311,000. Finally, Renaissance Technologies LLC increased its stake in shares of Intuitive Machines by 99.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,220,800 shares of the company’s stock valued at $22,170,000 after buying an additional 609,118 shares in the last quarter. 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.