LUNR Falls 46.4% in 3 Months. Is the Sell-Off a Buying Opportunity?

Intuitive Machines (LUNR) has declined 46.4% over three months despite achieving a record $1.8B backlog and booking $920M in Q2 2026 awards. While the company shows strong operational expansion with 70+ IM-300 spacecraft under contract and improving satellite production, it faces headwinds from fixed-price lunar mission risks, negative adjusted EBITDA, and a premium valuation multiple relative to peers. The stock carries a Hold rating with weak value, growth, and momentum scores, suggesting investors should await execution improvements rather than treating the decline as a buying opportunity.