Intuitive Machines (NASDAQ:LUNR) faced a significant setback as its stock plummeted by over 25% on Monday following reports that its Odysseus moon lander had toppled over, resting on its side.
Despite this setback, Intuitive Machines made history as the first private company to achieve a lunar landing and the first from the United States since 1972. The company assured that all but one of its six NASA science and technology payloads remained upright and capable of receiving communications.
Unfortunately, the payload containing an art piece featuring miniature stainless steel sculptures by artist Jeff Koons was among those affected by the tipping incident. However, Intuitive Machines expressed confidence that the remaining payloads would continue to fulfill their scientific objectives.
The stock of Intuitive Machines experienced a sharp decline, dropping by 26% to $7.06 on Monday, effectively erasing the gains made on Friday when nearly 99 million shares were traded. Friday’s trading activity saw a total value of traded shares amounting to $1.01 billion, surpassing the company’s market value of approximately $960 million, as reported by LSEG data.
Since going public about a year ago, Intuitive Machines’ shares have proven susceptible to high levels of volatility, with only 18% of the stock available for trading. Analytics firm S3 Partners noted a short interest of 13.7% of the free float, indicating a steady increase in demand to short the stock in 2024.
Furthermore, Intuitive Machines’ shares have attracted significant attention on the retail trader forum StockTwits, reflecting heightened retail activity contributing to the stock’s volatility. Analyst Austin Moeller from Canaccord Genuity emphasized the need for more insights into the reliability of the moon lander’s communications amidst the current market conditions.
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Author Faith Yakubu 
