Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Down 9.4% – What’s Next?

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) dropped 9.4% during mid-day trading on Monday . The company traded as low as $22.45 and last traded at $22.62. Approximately 1,241,489 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 5,178,515 shares. The stock had previously closed at $24.98.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Needham & Company LLC lifted their price target on Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Roth Mkm upped their price objective on Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $30.00.

Unusual Machines Trading Down 5.1%

The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -56.45 and a beta of 14.63. The stock’s 50 day moving average is $19.06 and its 200 day moving average is $15.80.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The company had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. On average, equities research analysts predict that Unusual Machines, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling

In other news, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $30.05, for a total value of $3,005,000.00. Following the completion of the sale, the president owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the completion of the transaction, the chief financial officer owned 352,650 shares in the company, valued at $6,245,431.50. This trade represents a 29.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 280,000 shares of company stock valued at $6,477,200. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

Several hedge funds have recently bought and sold shares of UMAC. NFSG Corp bought a new stake in shares of Unusual Machines during the 1st quarter worth approximately $37,000. Ameritas Advisory Services LLC bought a new position in Unusual Machines in the third quarter valued at approximately $38,000. Wexford Capital LP acquired a new position in Unusual Machines during the third quarter valued at approximately $40,000. Jones Financial Companies Lllp raised its position in Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after purchasing an additional 1,218 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after purchasing an additional 7,004 shares during the last quarter.

Unusual Machines Company Profile

Unusual Machines, Inc designs, manufactures, and sells ultra-low latency video goggles for drone pilots. It operates a drone-focused e-commerce marketplace. The company serves drone pilots, hobbyists, and recreational services. The company was formerly known as AerocarveUS Corporation and changed its name to Unusual Machines, Inc in July 2022. Unusual Machines, Inc was incorporated in 2019 and is based in Orlando, Florida.