What's Going On With Private Space Company Intuitive Machines' Stock?
Intuitive Machines, Inc. (NASDAQ:LUNR) shares are moving on above-average trading volume Friday. B. Riley Securities analyst Mike Crawford initiated coverage on Intuitive Machines with a Buy rating and an $8 price target.
What To Know:
Intuitive Machines announced on Tuesday that the city of Houston will proclaim July 20, 2024, as ‘Intuitive Machines Day’ in recognition of the successful IM-1 lunar landing on February 22, 2024.
Additionally, Jack Fischer, Vice President of Production, Operations, and Infrastructure at Intuitive Machines, has been appointed to the Texas Aerospace Research and Space Economy Consortium executive committee. In this role, he will support the Texas Space Commission in promoting commercial space activities and economic development within the state.
Earlier in June, Cantor Fitzgerald reiterated its Overweight rating on Intuitive Machines and maintained its $10 price target.
Intuitive Machines shares popped just after the opening bell Friday, but have since given back most of the gains. According to data from Benzinga Pro, Intuitive Machines shares are moving on heavy volume Friday and 15.13% of available shares are being sold short.
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How To Buy LUNR Stock:
By now you're likely curious about how to participate in the market for Intuitive Machines – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Intuitive Machines, which is trading at $3.62 as of publishing time, $100 would buy you 27.62 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
LUNR Price Action: According to Benzinga Pro, Intuitive Machines shares are up 0.28% at $3.55 at the time of publication Friday.
Image: Courtesy of Intuitive Machines, Inc.