Kamal Ghaffarian, a director and significant shareholder of Intuitive Machines, Inc. (NASDAQ:LUNR), has sold shares worth approximately $5.68 million, according to a recent SEC filing. The company, currently valued at nearly $2 billion, has seen its stock soar over 400% year-to-date, according to InvestingPro data. The transactions, which took place on December 2, involved the sale of Class A common stock at prices ranging from $14.8347 to $15.8116 per share. These sales were conducted under a pre-arranged trading plan adopted by Ghaffarian Enterprises, LLC in March 2024. Following these transactions, Ghaffarian retains a substantial holding in Intuitive Machines. InvestingPro analysis indicates the stock is currently trading near Fair Value, with 14 additional ProTips available to subscribers, including insights on the company's financial health and growth prospects.
In other recent news, Intuitive Machines, a space exploration and infrastructure company, has seen significant developments in its financial performance and lunar exploration endeavors. The company recently launched a public offering of approximately 9.52 million shares, managed by underwriters including BofA Securities, Cantor Fitzgerald, Barclays (LON:BARC), Stifel, and Roth Capital Partners (WA:CPAP). Concurrently, a private placement agreement was entered with Boryung Corporation, issuing additional shares of Class A Common Stock. These moves are expected to generate combined net proceeds of around $104.25 million.
The funds raised are intended for the acquisition of newly-issued common units from Intuitive Machines OpCo and for general corporate purposes. Analysts from Benchmark, Canaccord Genuity (TSX:CF), and Cantor Fitzgerald have all raised their stock price targets for Intuitive Machines, indicating confidence in the company's growth trajectory.
Intuitive Machines has also reported a substantial year-over-year increase in Q3 2024 revenue, reaching $58.5 million, a 359% rise. This surge is largely attributed to lunar delivery missions and the acquisition of the Near Space Network Services (NSNS) contract, potentially contributing up to $4.82 billion over the next decade. The company's financial health remains strong, boasting a record cash balance of $89.6 million, a substantial backlog valued at $316.2 million, and zero debt on the books.
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