Intuitive Machines (LUNR) stock plummeted 5.05% in Wednesday's intraday trading, underperforming the broader market. The decline follows BofA Securities initiating coverage on the space company with an Underperform rating and a price target of $16, significantly lower than the current trading level.

While analysts polled by FactSet have an average "overweight" rating on LUNR with a mean price target of $18, BofA's bearish stance appears to have spooked investors. The investment bank's cautious outlook on Intuitive Machines' prospects could stem from concerns about the competitive landscape in the commercial space industry or doubts about the company's execution capabilities.

However, without specific details on BofA's rationale for the Underperform rating, it is difficult to pinpoint the exact reasons behind the stock's plunge. Investors may be awaiting further clarity from the bank or guidance from the company itself to better assess Intuitive Machines' future prospects.