Why Is Intuitive Machines (LUNR) Stock Down 23% Today?


  • Intuitive Machines (LUNR) stock is down alongside updated lunar landing news.
  • The company’s lander tipped over after touchdown.
  • This erases gains seen throughout normal trading hours on Friday.
LUNR Stock - Why Is Intuitive Machines (LUNR) Stock Down 23% Today?

Source: Below the Sky / Shutterstock.com

Intuitive Machines (NASDAQ:LUNR) stock is taking a beating on Monday after the space exploration company revealed problems with its recent lunar lander mission.

Intuitive Machines recently completed a touchdown of its lunar lander, making it the first company to do so. That was a major win for LUNR stockholders and saw the shares rallying on Friday.

Unfortunately, that positive momentum couldn’t continue. The company revealed that its lunar lander had tipped over shortly after completing its touchdown on the moon. This has it propped up against a rock after a potential catch toppled the craft.

It is worth noting that Intuitive Machines is still able to send commands to the lunar lander. The mission also earned praise from NASA for the company’s efforts to land on the moon.

How This Affects LUNR Stock

LUNR stock underwent a 15.8% rally on Friday following news of its lunar lander completing touchdown on the moon. However, the stock is falling 23.3% as of Monday morning now that investors know the craft tipped over after its landing.

It also bears mentioning that more than 6.8 million shares of LUNR stock have changed hands this morning. That’s already above the company’s daily average trading volume of about 6 million shares. One thing to note is that almost 100 million shares of LUNR stock were traded on Friday.

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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/2024/02/why-is-intuitive-machines-lunr-stock-down-23-today/.

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