Shares of Intuitive Machines Inc. took a downward turn in a highly active trading session on Wednesday, just one day before the much-anticipated moon landing of the company's commercial probe.
Mission Update: Odysseus in Lunar Orbit
In the most recent mission update, the company revealed that its probe, Odysseus, had successfully completed its lunar-orbit insertion burn, positioning itself in a 92-kilometer circular lunar orbit.
"Odysseus continues to be in excellent health," affirmed the company.
Stock Performance and Lunar Landing
Leading up to the lunar landing of the Nova-C spacecraft at the moon's south pole on February 22, Intuitive Machines' stock had surged an impressive 120.7% over the three trading sessions following the spacecraft's launch atop a SpaceX Falcon 9 rocket. Anticipation drove the stock price to its highest level since April 19, 2023.
The stock initially soared by 27% in early premarket trading on Wednesday, only to backtrack slightly before the market opened. After an intraday dip to $8 (down 27.2%), the stock rebounded to an 8.8% decline in morning trading.
Market Activity and Volatility
Trading volume spiked to 21.4 million shares within the first hour of the regular trading session - a stark contrast to the 30-day average of approximately 6.2 million shares. With three halts for volatility since the market opened, Intuitive Machines' stock drew significant attention from investors.
Looking Ahead
As the Nova-C spacecraft gears up to make history as the first U.S. vessel to land on the moon since Apollo 17's Challenger in 1972, Intuitive Machines remains at the forefront of space exploration.
Despite a remarkable 245.7% surge in stock price over the past three months, the company's shares have experienced a 73.5% decline over the past year.
