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Why Is Intuitive Machines (LUNR) Stock Up Today?


  • Intuitive Machines (LUNR) stock is up thanks to a new rating.
  • Canaccord analyst Austin Moeller gave the shares a “buy” rating.
  • That came with a $35 price target.
LUNR Stock.

Source: taffpixture/Shutterstock

Intuitive Machines (NASDAQ:LUNR) stock is climbing higher on Monday thanks to coverage from Canaccord analyst Austin Moeller.

That coverage comes with a new “buy” rating for shares of LUNR stock. There’s not much analysts coverage of LUNR shares yet, but this new “buy” is a bullish sign for the space company’s stock.

To go along with that new rating, Moeller gave LUNR stock a price target of $35 per share. That represents a potential 45.8% upside for the company’s shares compared to its closing price of $24 per share on Friday.

Moeller also said the following about Canaccord’s stance on LUNR stock in a note to clients obtained by Seeking Alpha:

“Intuitive Machines (LUNR), which is building commercial moon landers to reach the lunar surface, collect data and extract resources, seeks to capitalize on NASA’s rapid commercialization of its own space exploration operations, with the agency having already spent over [$32.5 billion] on the Artemis program to date and with [about $50.5 billion] in additional projected spending through NASA’s FY25.”

What This Means For LUNR Stock

Considering the impending space race the Canaccord analyst predicts, shares of LUNR stock could see major gains in the coming years. Investors seem to agree with heavy trading sending shares higher today. As of this writing, some 2 million shares have been traded. The company’s daily average trading volume is about 506,000 shares, for the record.

LUNR stock is up 1.8% as of Monday morning.

Investors can find more of the latest stock market news below!

We’ve got all the biggest stock market stories for traders to read about on Monday! That includes what has shares of Tesla (NASDAQ:TSLA), Best Buy (NYSE:BBY) and Viatris (NASDAQ:VTRS) stock moving today. We’ve got all that news ready to go below!

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On the date of publication, William White 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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-is-intuitive-machines-lunr-stock-up-today/.

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