5 Stocks Entering June in the Wrong Direction

4. Intuitive Machines Inc. (NASDAQ:LUNR)

Intuitive Machines saw its share prices decline by 12.82 percent on Monday to close at $38.21 apiece, as investors disposed of positions in space stocks following a rocket explosion over the weekend.

The company fell alongside its space counterparts, namely Planet Labs PBC, Rocket Lab Corp., and Intuitive Machines, among others, following the explosion of Blue Origin’s New Glenn rocket on Friday while undergoing a hot-fire engine test at its launch pad in Florida.

The explosion sent shockwaves to residents of Florida equivalent to a 2.5 magnitude earthquake.

Investors were quick to dispose of positions in space companies following on caution over the safety of rocket launches.

The drop followed last week’s flurry of positive developments across the space industry after the National Aeronautics and Space Administration announced the awarding of contracts to a number of space players for its ambitious lunar exploration program.

In other news, Intuitive Machines Inc. (NASDAQ:LUNR) earlier last month snatched two new contracts amounting to $20 million, which involve the operations of NASA’s Lunar Reconnaissance Orbiter Camera and the ShadowCam instrument aboard the Korea Pathfinder Lunar Orbiter.

Under the contract, Intuitive Machines Inc. (NASDAQ:LUNR) said that it would provide a number of services, including imaging operations, data storage and analysis, and mission support.