Space Exploration Stock Plunges on Craft Woes

LUNR already sports an 175.2% lead for 2024, however

Fernanda Horner

Digital Content Manager

Feb 26, 2024 at 11:03 AM

LUNR

Intuitive Machines Inc (NASDAQ:LUNR) stock is down 26.3% to trade at $7.07 at last check, following news its moon lander, Odysseus, tipped over and is currently on its side. The company noted human error led to failure of the craft's laser-based range finders, and communication is limited as its antennae are pointed at the lunar surface.

The shares are pulling back from a rally last week above the $13 level, though support at the 20-day moving average looks ready to contain additional losses. While LUNR shed 70.7% over the past 12 months, it already sports an impressive 175.2% lead for 2024.

All four brokerages in coverage call LUNR a "strong buy," and the 12-month consensus target price $10.75 is a 49.1% premium to current levels. Despite today's negative price action, 16,000 calls have already crossed the tape, compared to just 4,427 puts. Most popular is the March 12.50 call.

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