Why Intuitive Machines Stock Popped Then Dropped
Key Points
Reuters reported over the weekend that SpaceX will probably IPO on June 12.
Investors bid up space stocks this morning on the news -- then had second thoughts.
SpaceX IPO excitement is reaching a fever pitch, driving space stocks sharply higher Monday morning -- temporarily.
Intuitive Machines (NASDAQ: LUNR) stock, the company that returned America to the moon in 2024 and that reported soaring sales last week, jumped nearly 14% out of the gate this morning before reversing and giving back all its gains. As of 10:40 a.m. ET, Intuitive shares are actually down 2%.
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SpaceX picks an IPO date
That's quite a turnaround when you consider that, as recently as Friday, four Wall Street banks lined up to raise price targets on Intuitive Machines. Absent bad news today, why is sentiment suddenly reversing?
I've actually got some thoughts on that.
Start with the IPO news: Over the weekend, Reuters reported SpaceX has moved up its IPO date. SpaceX will begin marketing its "roadshow" on June 4, then price the IPO on June 11, and begin trading the next day.
So that's the SpaceX IPO date: June 12.
Is the SpaceX IPO good news or bad news for Intuitive Machines?
This means space investors have less than a month remaining before the SpaceX IPO. Less than a month to trade space stocks amid the IPO excitement. Less than a month for Intuitive Machines stock, which is up 32% in the past two weeks, to keep rocketing.
In other words, this momentum stock may soon run out of gas.
The worst news for Intuitive Machines is that once SpaceX does IPO, it'll suck all the oxygen out of the airlock. Investors who are excited about SpaceX will be able to buy SpaceX, not just invest in a second-string substitute for the biggest space company on Earth.
When that happens, I expect other space stocks to fall. In fact, this may even be happening today.
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Rich Smith has positions in Intuitive Machines. The Motley Fool has positions in and recommends Intuitive Machines. The Motley Fool has a disclosure policy.
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