Why Intuitive Machines Stock Crashed Today
For the second time in less than six months, Intuitive Machines (NASDAQ: LUNR) is raising cash -- and boy, oh boy, are investors mad! Shares of the space stock plummeted 12.8% through noon ET Wednesday.
And why?
Just a few months ago, if you recall, Intuitive Machines sold $175 million in new stock to help pay for its purchase of satellite-builder Lanteris (which Intuitive will use to build its constellation of Earth-to-moon communications satellites under contract with NASA). Investors promptly sold off Intuitive stock on that news.
Source Fool.com
