Why Intuitive Machines Stock Is Soaring Today
Shares of Intuitive Machines (NASDAQ: LUNR) are jumping on Wednesday, up 12.8% as of 2:55 p.m. ET. The rise comes as the S 500 and Nasdaq Composite gained 0.6% and 0.5%, respectively.
The space exploration company's stock is moving higher after a Wall Street analyst gave the stock a buy rating just weeks after a major announcement that will see the company team up with a U.K. start-up working to fabricate semiconductors in space.
An analyst at the investment bank Craig-Hallum initiated coverage of Intuitive Machines stock with a buy rating and a price target of $17.00, a significant upside from today's price. The analyst cited an escalating space race between the U.S. and China as the main driver of future growth. China has a goal of returning humans to the Moon by 2030, and the U.S. is seeking to do so as well.
Source Fool.com
