US Markets
Friday, February 16th, 2024 6:09 pm EDT
Key Points
- Intuitive Machines’ stock experienced significant jumps for two consecutive days following positive updates regarding its moon lander mission, indicating investor optimism about the company’s prospects.
- The successful launch of the inaugural cargo mission, IM-1, on a SpaceX rocket, coupled with assurances of the lander’s operational status and resolution of minor technical issues, contributed to the stock’s surge.
- Despite the impressive stock performance post-mission launch, Intuitive Machines’ shares still trade below their post-SPAC merger debut pricing from a year ago, reflecting ongoing market dynamics and investor sentiment.
Intuitive Machines, a Texas-based lunar company, experienced a significant surge in its stock price for the second consecutive day following an update on the status of its moon lander mission, which it described as being “in excellent health.” The company’s inaugural cargo mission, known as IM-1, was launched aboard a SpaceX rocket, with Intuitive Machines later confirming that the lander was operational and its batteries fully charged. Despite a minor navigation system issue, promptly resolved through a software update, the mission progressed smoothly. This positive development propelled Intuitive Machines’ stock to soar by as much as 30% in early trading on Friday, ultimately settling at a 16% increase from its previous close. The stock had already surged by 35% on Thursday after the successful launch of the IM-1 mission, marking a remarkable 75% increase since the launch. However, the company’s shares still trade below its post-SPAC merger debut pricing from a year ago. Andrew Chanin, CEO of ProcureAM, managing the “UFO” space-focused ETF, highlighted the expected volatility associated with space companies, particularly small and yet-unprofitable entities like Intuitive Machines. Despite this, he expressed optimism for the company’s success, emphasizing the significance of achievements in space exploration to bolster investor confidence and spur further investment in the industry. The IM-1 lander, carrying various government and commercial research payloads, is scheduled to travel to the moon over approximately eight days, with a landing attempt slated for February 22. Chanin underscored the growing interest in lunar exploration and its potential impact on investment trends, predicting increased focus and spending on the moon by various entities in response to successful missions like IM-1.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/16/intuitive-machines-lunr-stock-jumps-after-moon-mission-update.html
