Unusual Machines (NYSEAMERICAN:UMAC) Trading 9.3% Higher – Here’s What Happened

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded up 9.3% during mid-day trading on Wednesday . The stock traded as high as $24.71 and last traded at $24.37. 2,026,874 shares traded hands during trading, a decline of 61% from the average daily volume of 5,187,555 shares. The stock had previously closed at $22.30.

Wall Street Analysts Forecast Growth

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

Unusual Machines Stock Performance

The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -58.33 and a beta of 14.62. The business’s 50 day simple moving average is $19.93 and its 200-day simple moving average is $16.29.

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 business had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. As a group, sell-side analysts expect that Unusual Machines, Inc. will post -0.72 EPS for the current year.

Insider Activity at Unusual Machines

In related news, President Andrew Ross Camden sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the completion of the transaction, the president owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeffrey M. Thompson sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the sale, the director owned 4,794,392 shares in the company, valued at $129,256,808.32. The trade was a 0.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 280,000 shares of company stock worth $6,477,200 in the last 90 days. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

Several institutional investors and hedge funds have recently bought and sold shares of the stock. NFSG Corp acquired a new stake in shares of Unusual Machines during the first quarter valued at approximately $37,000. Wexford Capital LP acquired a new stake in Unusual Machines during the third quarter valued at $40,000. Bank of America Corp DE lifted its holdings in shares of Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after buying an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC bought a new stake in Unusual Machines in the fourth quarter worth approximately $64,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after purchasing an additional 2,169 shares in the last quarter.

About Unusual Machines

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.