Financial Insights That Matter
Space exploration company Intuitive Machines Inc. Lunr has demonstrated high price volatility this year, dwarfing even Bitcoin’s BTC/USD fluctuations.
What happened: The stock has been on a roller-coaster ride in 2024, with headline-driven price action dictating its course.
Shares of Intuitive Machines bumped to a two-year high in January on optimism surrounding its second moon landing attempt.
However, trouble started after the IM-2 lunar lander encountered technical difficulties and missed its intended landing site by 250 meters. Days later, the botched mission was declared dead. The LUNR stock has plunged 55% since the mission’s launch in late February and over 61% in the last month.
According to Fintel, LUNR’s 30-day implied volatility surged to a yearly high of 198% in late February. After Wednesday’s market close, it stood at 125%.
Implied volatility is a forward-looking measure of volatility that traders use to forecast the price variations in a stock over a given time.
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Conversely, Bitcoin, historically considered a highly volatile asset, has been less chaotic in 2024.
The apex cryptocurrency’s 30-day implied volatility, as tracked by popular cryptocurrency options exchange Derivativeswas a little over 56% as of this writing, according to TradingView, down from 64% in mid-January and 80% a year ago.
LUNR stock’s dramatic fluctuations and sensitivity to news might attract traders who chase volatility and have a higher risk tolerance. However, its ups and downs might warrant more extensive research before making big investment decisions.
Price Action: Shares of Intuitive Machines closed 14.5% higher at $7.42 during Wednesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock was down 59%.
The LUNR stock has demonstrated significantly high momentum as of this writing, but this cryptocurrency-focused stock topped the list, according to Benzinga’s proprietary Edge Rankings score.
Image Courtesy: Shutterstock.com
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