Form 4: Intuitive Machines Insider Sells Shares

Kamal Ghaffarian, a Director and 10% owner of Intuitive Machines, Inc., reported transactions involving the sale of Class A Common Stock.

Summary

• Kamal Ghaffarian, a Director and 10% owner of Intuitive Machines, Inc. (LUNR), has reported a series of transactions on April 6, 2026.
• These transactions include the acquisition of 141,909 Common Units and the cancellation of an equal number of Class C Common Stock shares.
• Additionally, Ghaffarian Enterprises, LLC, of which Kamal Ghaffarian may be deemed a beneficial owner, sold a total of 180,909 shares of Class A Common Stock.
• These sales occurred under a Rule 10b5-1 plan adopted on December 4, 2025.
• The sales were executed at weighted average prices, with some shares sold between $22.39 and $23.38, and others between $23.39 and $24.07.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as having a negative sentiment due to significant insider selling, despite being executed under a pre-planned strategy.

Negatives

• Significant sale of Class A Common Stock by a key insider, totaling 180,909 shares.
• The sales were executed at prices below the current trading range, indicating potential downward pressure or a strategic exit by the insider.
• The reporting person may be deemed to share beneficial ownership of a substantial number of securities held by various entities, suggesting a large overall stake.

Risks

• The sale of a large number of shares by a director and 10% owner could be interpreted negatively by the market, potentially impacting investor sentiment.
• The Rule 10b5-1 plan indicates pre-planned sales, but the timing and volume could still signal a lack of confidence in near-term stock performance.
• The cancellation of Class C Common Stock upon redemption of Common Units suggests a restructuring or simplification of ownership structure that could have implications for future share counts.

Future Outlook

The filing does not contain forward-looking statements or guidance. It solely reports on past transactions.

Management Comments

• Kamal Ghaffarian may be deemed to share beneficial ownership of the securities reported herein, but disclaims beneficial ownership except to the extent of his pecuniary interest therein.
• The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

Industry Context

StockSavvy.ai notes that insider selling, especially from significant holders and directors, is a common event that investors closely monitor. The execution of these sales under a Rule 10b5-1 plan suggests a pre-determined strategy, but the volume and timing can still influence market perception.

Related Party Transactions

• The filing details transactions involving entities where Kamal Ghaffarian is a managing member or trustee, indicating related party dealings in the context of beneficial ownership and sales.

Stakeholder Impact

• Shareholders: May view the insider sales negatively, potentially leading to short-term stock price pressure.
• Management: The sales could be interpreted as a signal regarding management's outlook on the company's stock value.
• Creditors: No direct impact indicated.

Next Steps

• Investors will likely monitor future filings for any further insider transactions.
• The market may react to the volume of shares sold by the insider.

Key Dates

Recommendation

While insider selling can be a negative signal, the sales were conducted under a Rule 10b5-1 plan, suggesting a pre-determined strategy rather than a reaction to new negative information. The company's overall prospects and other market factors should be considered before making a definitive investment decision. Therefore, a 'hold' recommendation is appropriate pending further analysis.

Keywords

Intuitive Machines, LUNR, Form 4, Insider Trading, Stock Sale, Beneficial Ownership, Rule 10b5-1, Kamal Ghaffarian, Class A Common Stock, Common Units