Intuitive Machines (NASDAQ:LUNR) climbed by 12.93 percent on Monday to close at $15.72 apiece, after an investment firm reiterated its bullish stance on the stock, alongside a price target with an upside potential of more than 100 percent.
In a market note on the same day, Cantor Fitzgerald reiterated its overweight rating and $32 price target for the stock, representing a 103.56-percent upside from its latest closing price.
The coverage reflected Intuitive Machines’ successful delivery and transition of the IM-1300 series SXM-11 satellite to SiriusXM following a successful launch in June.
The two firms have successfully jointly manufactured 13 spacecraft through their recent acquisition of Lanteris, and are working to develop SiriusXM’s next satellite.
Photo by Mizuno K on Pexels
“SXM-11 marks another milestone in our longstanding partnership with SiriusXM. Over the course of our relationship, we have built 13 spacecraft together,” Intuitive Machines Space Systems President Chris Johnson said.
“This handover reflects our shared commitment to mission success and the confidence SiriusXM continues to place in our team to deliver high-performance, reliable space systems. We continue to demonstrate our ability to design, build, and deliver satellite systems that meet the demanding requirements of today’s commercial space market with robust, scalable high-power platforms,” he noted.
New Customer, Orders
Intuitive Machines earlier this month announced that it bagged a new contract to build two IM 300 series platforms for a new, undisclosed customer.
The award marks the addition of a new market segment of customers for the IM 300 base and reflects continued demand for spacecraft platforms that can be configured to a specific mission and delivered on compressed timelines.
“This contract demonstrates that the IM 300 can serve multiple missions with various customers. The modularity of the IM 300 enabled us to scale its capability to support a heavier, higher-power payload class,” Johnson said.
The IM 300 is the proliferated platform in the company’s satellite product line and is engineered around a modular architecture that allows the same core bus to support substantially different payloads and mission profiles.
Hedge Fund Conviction Weakens
In other news, institutional conviction appeared to have weakened for Intuitive Machines in the second quarter of the year despite a higher number of hedge funds building exposure to its stock.
Data from Insider Monkey showed that during the period, 33 hedge funds held positions in the stock, up from 30 in the first quarter of the year.
However, their combined holdings declined by 8.9 percent to $530 million from $582.9 million quarter-on-quarter, signaling that existing investors have reduced exposure to its stock.
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