Intuitive Machines stock plummets after moon lander tips over

Astra Space

26/02/2024 10:43

Feb 26 (Reuters) - Shares of Houston-based Intuitive
Machines  LUNR.O  slumped more than 30% on Monday after the
space exploration firm said its Odysseus moon lander had tipped
over and was resting on its side.
     The company, which became the first private company to land
on the moon and the first from the U.S. since 1972, said that
all but one of its six NASA science and technology payloads were
facing upwards and receptive to communications.
    The payload on its side contains an art piece comprising
miniature stainless steel sculptures by artist Jeff Koons, the
company said.
    The rest of the payloads are expected to carry out their
scientific objectives.
    Intuitive's stock fell 34% to $6.30 before the opening bell
on Monday, more than offsetting the gains on Friday, in which
nearly 99 million shares exchanged hands, a record for the
stock.
    On Friday, the total value of traded shares reached $1.01
billion, surpassing the company’s market valuation of
approximately $960 million, as per LSEG data.
    The company's shares, which went public about a year ago,
are vulnerable to high levels of volatility as only 18% of the
stock is available to trade.
    The landing could make things easier for other space focused
companies - like Rocket Lab  RKLB.O , Astra Space  ASTR.O  and
Jeff Bezos' Blue Origin - seeking investments and stable
government contracts.
    

 (Reporting by Akash Sriram in Bengaluru; Editing by Tasim
Zahid)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774;))