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Why Intuitive Machines Is Skyrocketing Today
Shares of Intuitive Machines (NASDAQ: LUNR) are flying Friday. The stock had gained 4.4% as of 2:50 p.m. ET, but was up as much as 12.5% earlier in the day. The surge comes as the S&P 500 and Nasdaq Composite lost 0.3 and 0.6%, respectively.
Intuitive just announced it was awarded a key new contract from NASA. Moreover, space stocks at large are getting a boost from comments made earlier in the week by President Donald Trump during his inaugural speech.
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New year, new contract
Intuitive announced today that it was awarded a contract by NASA to "advance lunar logistics handling and offloading; and surface cargo and mobility under the agency's Next Space Technologies for Exploration Partnership (NextSTEP) Appendix R."
The NextSTEP program is designed to help develop capabilities to explore the moon and Mars. The company will receive roughly $2.5 million and intends to use it to further develop its heavy-cargo-class lunar lander.
Trump wants to go to Mars
Trump signaled his intention to send Americans to Mars during his inaugural speech, stating it was time for the country to "act with courage, vigor, and the vitality of history's greatest civilization" to "plant the Stars and Stripes on the planet Mars."
This great effort requires companies like Intuitive Machines to help develop the technology. Although the current grant from NASA is focused on a lunar lander, the technology can be adapted for future missions to Mars.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
