First Week of LUNR June 2026 Options Trading

This analysis details options strategies for Intuitive Machines Inc. (LUNR), currently trading at $12.86 per share. Selling an $11.00 strike put contract, which is 14% out-of-the-money, could yield a 27.09% return (41.03% annualized) if it expires worthless, or allow acquisition at an effective $8.02 cost basis. Alternatively, a covered call strategy using a $13.00 strike call offers a potential 31.42% return by June 2026 if the stock is called away, or a 30.33% premium boost (45.93% annualized) if it expires worthless. The report highlights high implied volatilities for both options, at 116% for the put and 109% for the call, compared to the 108% trailing volatility, suggesting potential opportunities for yield enhancement or strategic entry points for LUNR investors.

Analysis

Intuitive Machines Inc. (LUNR), currently trading at $12.86, offers distinct options strategies for investors seeking either discounted entry or yield enhancement. The analysis focuses on selling an out-of-the-money put and a covered call, leveraging LUNR's current market price and implied volatility.

Selling the $11.00 strike put contract for a $2.98 premium provides an effective entry point at $8.02 per share if assigned, a 14% discount. With a 74% probability of expiring worthless, this strategy offers a 27.09% return (41.03% annualized) on the cash commitment, termed "YieldBoost."

For existing shareholders, a covered call using the $13.00 strike call, with a $3.90 bid, could yield a 31.42% total return by June 2026 if shares are called away. If the call expires worthless (33% probability), the premium provides a 30.33% boost (45.93% annualized), enhancing returns while capping upside.

Both the put and call options exhibit high implied volatilities of 116% and 109% respectively, exceeding LUNR's 108% trailing 12-month volatility. This elevated volatility contributes to attractive premiums for options sellers, aligning with a mildly positive sentiment for LUNR.

Key Decisions for Investors

• Consider selling out-of-the-money put options on LUNR to achieve a lower effective entry price or generate income if the stock remains above the strike.
• Evaluate implementing a covered call strategy on existing LUNR holdings to enhance yield, accepting capped upside potential in exchange for premium income.
• Monitor LUNR's underlying business fundamentals and stock price movements, as high implied volatility suggests potential for significant price swings affecting option outcomes.