Unusual Machines (NYSEAMERICAN:UMAC) Raised to Strong-Buy at Piper Sandler

Unusual Machines (NYSEAMERICAN:UMAC) was upgraded by research analysts at Piper Sandler to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

UMAC has been the topic of several other research reports. Needham & Company LLC boosted their price target on shares of Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a report on Wednesday, July 15th. HC Wainwright initiated coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, Roth Capital increased their target price on Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $37.00.

Unusual Machines Stock Performance

UMAC stock opened at $27.03 on Wednesday. The stock has a fifty day moving average of $22.18 and a 200-day moving average of $17.96. Unusual Machines has a fifty-two week low of $7.24 and a fifty-two week high of $34.36. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -103.96 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.16). The business had revenue of $16.72 million for the quarter, compared to analysts’ expectations of $9.20 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. Equities analysts predict that Unusual Machines will post -0.72 EPS for the current year.

Insider Transactions at Unusual Machines

In related news, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the transaction, the chief financial officer directly owned 352,650 shares in the company, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 100,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 280,000 shares of company stock valued at $6,477,200. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of Unusual Machines

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in shares of Unusual Machines during the 2nd quarter worth $2,999,000. Wasatch Advisors LP bought a new position in Unusual Machines in the second quarter valued at $8,087,000. IFC & Insurance Marketing Inc. increased its stake in Unusual Machines by 30.7% in the second quarter. IFC & Insurance Marketing Inc. now owns 14,140 shares of the company’s stock valued at $315,000 after acquiring an additional 3,319 shares during the last quarter. Bank of America Corp DE increased its stake in Unusual Machines by 213.2% in the first quarter. Bank of America Corp DE now owns 38,963 shares of the company’s stock valued at $483,000 after acquiring an additional 26,524 shares during the last quarter. Finally, Royal Bank of Canada raised its position in Unusual Machines by 27.8% during the first quarter. Royal Bank of Canada now owns 68,382 shares of the company’s stock valued at $848,000 after purchasing an additional 14,895 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.