What's Going On with the Pop in Intuitive Machines Stock?

Intuitive Machines Inc. (NASDAQ:LUNR) shares are soaring Monday. Cantor Fitzgerald reiterated an Overweight rating and $32 price target on the stock, implying significant upside from current levels. Here’s what you should know. Intuitive Machines stock is showing exceptional strength. What’s behind LUNR gains? Cantor Fitzgerald Reiterates Overweight Rating On Intuitive Machines Cantor Fitzgerald held firm on its Overweight call and $32 price target for Intuitive Machines. Analysts at the firm highlighted the company’s recent handoff of the IM-1300 series SXM-11 satellite to SiriusXM, according to Investing.com. The event followed a June launch, pointing out that the two companies have collaborated on 13 spacecraft to date through the Lanteris acquisition and are already working on SiriusXM’s next satellite project. Cantor believes that acquisition of Lanteris Space Systems, a spacecraft manufacturer, sets Intuitive Machines up to function as a true “Space Prime,” meaning it can handle everything from initial design through manufacturing, delivery and mission operations spanning from low Earth orbit out to lunar destinations and beyond. Intuitive Machines Is Outperforming a Middling Sector Beyond the stock’s own chart, it’s also worth looking at how Intuitive Machines stacks up against its peers. The company falls under the Industrial sector umbrella, currently ranked sixth among the 11 S&P sectors even though that group is down a modest 0.17% today. That sector has struggled lately, off 5.32% over the trailing month and nearly 4.87% across the past quarter, yet Intuitive Machines is running well ahead of its own sector today, beating it by close to 9.8 percentage points. The market’s strongest performers today skew toward growth, led by Communication Services, Technology and Consumer Discretionary, while Energy, Consumer Staples and Utilities are dragging behind, a split that suggests traders are favoring risk over safety in today’s session. LUNR Shares Are Jumping LUNR Price Action: Intuitive Machines shares were up 11.49% at $15.52 at the time of publication on Monday, according to Benzinga Pro. Read Also: Robinhood Stock Jumps 5% as Bitcoin Rally and SEC Rule Change Align Image: Shutterstock