Shares of Intuitive Machines (NASDAQ:LUNR) are well off the session highs, but they are up about 25% on the day. At one point in the session, LUNR stock was up by more than 90% as volatility persists in this name.
Today hasn’t been the only day of volatility for the stock. Shares rallied by more than 115% on Wednesday and then fell 75% on Thursday. A week ago, on Feb. 16, shares ended the day higher by more than 250%.
By comparison, that action almost makes Friday look calm!
In any regard, what has LUNR stock moving on Friday? It’s not just the market-wide volatility following a hotter-than-expected inflation report. Instead, it’s due to rumors regarding Elon Musk’s SpaceX.
According to reports, it appears that SpaceX and Intuitive Machines will be working together in some capacity.
Much of that speculation is being driven by Intuitive Machine’s tweet, which read: “We knew @ElonMusk was taking #Dogecoin to the Moon, but had no idea it would be on our flight.”
Is There More Potential With LUNR Stock?
LUNR stock was a special purpose acquisition company (SPAC) holding, which was a big trend on Wall Street that led to the height of the bull market. The stock recently made its debut on the Nasdaq and apparently with good timing.
The company — Intuitive Machines — previously traded under the ticker symbol “IPAX” but has since moved to LUNR.
In any regard, the company “is the most NASA-awarded commercial lunar program. The company has three missions that will deliver NASA and commercial payloads into orbit and on the surface of the Moon.”
Further, “Intuitive Machines is an end-to-end space exploration company delivering lunar access, lunar data services, extreme lunar mobility, and more.”
It’s not exactly clear what’s at stake here. However, it’s clear there is a lot of hope among investors. And let’s not forget, this is a stock with a sub-$350 million market capitalization. While that’s a big company to most people, it’s small potatoes in the world of public equities.
So when news like this starts to fly around, so too does the stock price. That’s exactly what we’re seeing in LUNR stock lately.
For those taking a flier on this name, keep a close eye on the headlines. Any positive talk or confirmation on a deal with SpaceX will likely send Intuitive Machines higher.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.