Intuitive Machines landed a $4.8 billion contract with NASA
Space exploration stock Intuitive Machines Inc (NASDAQ:LUNR) is soaring today, up 49.4% to trade at $8.06, and earlier trading as high as $8.78. The boost comes after the company landed a $4.8 billion contract with NASA for near space missions, which will include the debut of its lunar satellite constellations.
Today's pop has Intuitive Machines stock fully recovering its late-February downturn after news its moon lander, Odysseus, tipped over. Headed for its best day since a 50% pop on Feb. 20, the equity is up roughly 216% since the start of the year.
Options traders are blasting the stock amid today's bull gap. So far, 127,000 calls and 42,000 puts have crossed the tape, which is already 4 times LUNR's average daily options volume. The September 10 call is the most popular by far, with new positions being bought to open there.
An unwinding of short interest could also be contributing to today's surge, as 24.3% of the stock's available float is sold short. It would take shorts two days to cover, at LUNR's average pace of trading.