Timothy Crain II, Senior Vice President and Chief Growth Officer at Intuitive Machines, Inc. (NASDAQ:LUNR), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Crain sold 152,857 shares of Class A Common Stock on December 5, 2024, at an average price of $9.8963 per share. This transaction totaled approximately $1,512,718. The stock, which has shown significant volatility, currently trades at $12.81, representing a remarkable 386% gain year-to-date. Analysts maintain a bullish outlook with price targets ranging from $15 to $20.
Following this sale, Crain's direct ownership of Intuitive Machines' Class A Common Stock stands at 362,810 shares. Additionally, Crain executed a series of transactions involving the conversion of Common Units to Class A Common Stock, which resulted in the acquisition of 152,857 shares without any cash transaction, as these units are redeemable on a one-to-one basis.
The filing also indicates that alongside the acquisition of Class A shares, an equivalent number of Class C Common Stock shares were automatically canceled, maintaining the balance of his holdings.
In other recent news, Intuitive Machines has seen a series of adjustments to its share target by various analyst firms. Canaccord Genuity (TSX:CF) adjusted its price target for the company to $17.50, down from $19.00, due to the anticipated impact of recent equity offerings on the company's financials. In contrast, Benchmark raised its stock price target for the company to $16, highlighting the success of Intuitive Machines' commercial model in space infrastructure. Similarly, Canaccord Genuity increased the price target to $12.50, citing the company's strong backlog growth and potential for significant revenue increases due to various space-related contracts and missions.
These recent developments come after Intuitive Machines priced 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 made with Boryung Corporation for the sale of additional shares. The combined net proceeds from both the public offering and the private placement are anticipated to be around $104.25 million.
Intuitive Machines' Q3 2024 revenue soared to $58.5 million, marking a 359% increase from the previous year, largely attributed to lunar delivery missions and the acquisition of the Near Space Network Services (NSNS) contract. This contract could potentially contribute 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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