What's Going On With Intuitive Machines (LUNR) Stock Wednesday?

Intuitive Machines Inc LUNR shares are volatile Wednesday as the company continues to provide updates on its Moon landing mission.

What To Know: Last week, Intuitive Machines launched its Nova-C class lunar lander on SpaceX’s Falcon 9 rocket and announced that it was successfully enroute to the Moon.

The company has been providing updates along the way. On Wednesday, Intuitive Machines announced that Odysseus completed its scheduled 408-second main engine lunar orbit insertion burn within 2 m/s accuracy.

“After traveling over 1,000,000 km, Odysseus is now closer to the Moon than the end-to-end distance driving across Space City, Houston, TX. Over the next day, while the lander remains in lunar orbit, flight controllers will analyze the complete flight data and transmit imagery of the Moon,” the company said.

Intuitive Machines said Odysseus continues to be in “excellent health” and noted that it expects to live stream the landing. As of Tuesday, the mission was on track to land on the Moon on Thursday at approximately 5:49 p.m. ET.

The Intuitive Machines IM-1 mission is the company's first attempted lunar landing as part of NASA's Commercial Lunar Payload Services initiative. Following the update on Wednesday, SpaceX CEO Elon Musk congratulated the company on its progress.

See Also: Intuitive Machines, Palo Alto Networks, Enovix Corp, Teladoc Health, Tesla: Why These 5 Stocks Are On Investors’ Radars Today

Intuitive Machines stock is experiencing high levels of volatility and above-average trading volumes on Wednesday. The stock was halted twice in early trading. Intuitive Machines’ average session volume is approximately 3.378 million, according to Benzinga Pro. Wednesday’s trading volume has already exceeded 25 million at publication time.

It’s also worth noting that some of the volatility may be due to the low float and high short interest in the name. Intuitive Machines has a total float of 14.481 million shares and 11.98% of the float is currently sold short, per Benzinga Pro.

Intuitive Machines is set to report fourth quarter financial results in the coming weeks although an official date has not been announced. Analysts currently expect the company to report a loss of 33 cents per share and revenue of $18.8 million, according to estimates from Benzinga Pro.

Check This Out: Benzinga’s ‘Stock Whisper’ Index: 5 Stocks Investors Secretly Monitor But Don’t Talk About Yet

LUNR Price Action: Intuitive Machines shares were down 6.03% at $10.30 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Intuitive Machines.