Intuitive Machines Stock Is Sliding: What's Going On?
Lunar Corporation LUNR | 7.39 | +0.41% |
Intuitive Machines Inc (NASDAQ:LUNR) shares are trading lower Thursday. The company on Wednesday filed a prospectus related to an offering of up to $300 million of its common stock.
What Happened: In a new regulatory filing released late Wednesday, Intuitive Machines said it may offer and sell up to $300 million of its common stock from time to time in one or more offerings.
The filing also covered an offering of 159,808,031 shares of common stock and 8.295 million warrants to purchase its common stock to be offered by selling stockholders.
Intuitive Machines reported quarterly financial results last week. The company said at the time that it had $4.5 million in cash and $54.6 million in cash including warrant exercises from an institutional investor as of March 1.
Intuitive Machines shares are up approximately 170% year-to-date. The stock rallied in anticipation of the company’s IM-1 moon landing mission. Last month, Intuitive Machines became the first private company to land on the moon and brought the U.S. back to the moon for the first time since 1972.
Check This Out: Would You Hop On A Train To The Moon? US Department Of Defense Wants To Build ‘Lunar Railroad’
How To Buy LUNR Stock
By now you're likely curious about how to participate in the market for Intuitive Machines – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Intuitive Machines, which is trading at $6.61 as of publishing time, $100 would buy you 15.13 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
LUNR Price Action: Intuitive Machines shares were down 4.36% at $6.58 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Intuitive Machines.