Intuitive Machines Quietly Jumped 20% Last Week. Is the Market Finally Waking Up to This Space Stock?
The lunar exploration stock still looks undervalued.
Overview
Intuitive Machines (NASDAQ: LUNR), a developer of lunar landers and exploration vehicles, went public through a merger with a special purpose acquisition company (SPAC) in Feb. 2023. Its stock started trading at $10 and closed at a record high of $81.99 just a few days later.
At its peak, Intuitive Machines' market cap reached $1.48 billion, which was nearly 19 times the $80 million in revenue it would generate in 2023. That frothy valuation set it up for a steep pullback as investors fretted over its dilutive stock offerings and persistent losses. SpaceX's (NASDAQ: SPCX) IPO this June also drew investors away from smaller space stocks.
Details
That's why its stock trades at $16 today. But over the past week, its shares have quietly rallied more than 20%. Is the market finally turning bullish on this oft-overlooked stock?
Source
Originally published at www.fool.com.