Shares of Intuitive Machines (NASDAQ:LUNR) stock surged higher last week after the space exploration company announced that Odysseus, its Nova-C lunar lander, had successfully landed on the moon. Nova-C began its journey on Feb. 15 after being launched from a SpaceX Falcon 9 rocket. On Thursday, Nova-C became the first U.S. spacecraft to land on the moon in over 50 years and the first privately developed spacecraft to land on the moon.
Odysseus’ signal was lost after it landed, as expected. The connection later resumed, with Intuitive announcing that the spacecraft was in an upright position and sending data back to Earth.
However, over the weekend, CEO Stephen Altemus revealed that Odysseus had tipped over and was leaning on its side with the support of a rock. The spacecraft is believed to have taken a tumble due to one of its landing feet snagging the rough surface of the moon.
LUNR Stock: 10% Owner Guy Shanon Sells $4.07 Million of Shares
“We do have communications with the lander,” said Altemus, adding that Odysseus is “stable near or at our intended landing site.” According to Reuters, one out of the six NASA science and technology payloads carried by the spacecraft is on its side. Fortunately, that payload is not mission critical and contains art sculptures by Jeff Koons.
Before the drama unfolded, 10% owner and Kingstown Capital Management Managing Partner Guy Shanon was busy selling shares. Shanon was also the co-CEO of Inflection Point Acquisition, the special purpose acquisition company (SPAC) with which Intuitive merged.
On Feb. 21, he unloaded 236,283 shares at an average per share price of $12.52. The next day, Shanon sold off another 123,717 shares at a much lower average per share price of $8.98. In total, the transaction was worth $4.07 million.
Following the sale, Shanon still directly owns 1.30 million shares and another 1.58 million shares indirectly through Kingstown.
Shanon’s sales aren’t entirely surprising, as LUNR stock is up by about 170% during the past one month. In addition, the insider still owns a majority of his shares. As a result, the sale shouldn’t be seen as a sign that Shanon is giving up on LUNR stock, but rather as just a profit-taking transaction.
On the date of publication, Eddie Pan did not hold (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.
