Shares of Intuitive Machines (LUNR, Financials) declined 21.2% to $8.86 as of 11:25 a.m. ET on Friday, extending a 20.2% drop from the previous session. The stock has traded between $3.15 and $24.94 over the past year.
The fall comes after the Athena lunar lander of the corporation came down on its side in a crater close to the southern pole of the Moon. Comprising a NASA-funded mission, the lander sent data and turned on experiments before running out of power. Its posture, meanwhile, impeded complete mission accomplishment.
Established in 2013, Intuitive Machines is focused on lunar transportation and payload delivery for satellites and research tools. Participating actively in NASA's Commercial Lunar Payload Services program, which seeks to encourage private-sector lunar exploration, the business is
Recently, the business landed a $4.82 billion deal with NASA to provide navigation and communication systems for future lunar expeditions. Intuitive Machines had a $316 million backlog and maintained $90 million in cash reserves as of their most recent financial statement.
With 17.35 million shares short, or 20.44% of the entire float, NASDAQ and Capital IQ report that investor mood is still unfavorable.
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