Intuitive Machines (LUNR) Tumbles 12.8% on Space Launch Concerns

Intuitive Machines Inc. (NASDAQ:LUNR) is one of the 10 Stocks Entering June in the Wrong Direction.

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.

For illustration purposes only. Athena, Intuitive Machines’ IM-2 mission lunar lander. Photo from Intuitive Machines website

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.

While we acknowledge the risk and potential of LUNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LUNR and that has 10,000% upside potential, check out our report about the cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1