Squarepoint Ops LLC Makes New Investment in Unusual Machines, Inc. $UMAC

Squarepoint Ops LLC bought a new position in shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 218,473 shares of the company’s stock, valued at approximately $4,872,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in UMAC. Baird Financial Group Inc. boosted its stake in shares of Unusual Machines by 3.7% in the second quarter. Baird Financial Group Inc. now owns 21,250 shares of the company’s stock valued at $474,000 after buying an additional 750 shares during the period. California State Teachers Retirement System bought a new position in shares of Unusual Machines in the second quarter worth $313,000. Concurrent Investment Advisors LLC acquired a new position in Unusual Machines in the second quarter valued at about $1,446,000. Bank of New York Mellon Corp bought a new stake in Unusual Machines during the second quarter worth about $2,999,000. Finally, Wasatch Advisors LP bought a new stake in Unusual Machines during the second quarter worth about $8,087,000.

Insider Activity

In related news, CRO Stacy Rochelle Wright sold 27,500 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $26.00, for a total transaction of $715,000.00. Following the sale, the executive owned 68,750 shares of the company’s stock, valued at $1,787,500. This trade represents a 28.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $26.01, for a total value of $296,852.13. Following the sale, the chief financial officer owned 341,237 shares in the company, valued at $8,875,574.37. This represents a 3.24% decrease in their position. 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 48,538 shares of company stock worth $1,262,198. Insiders own 4.87% of the company’s stock.

Unusual Machines Trading Down 2.5%

Shares of NYSEAMERICAN UMAC opened at $22.95 on Friday. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -88.27 and a beta of 14.78. Unusual Machines, Inc. has a 12 month low of $7.24 and a 12 month high of $34.93. The stock has a 50-day moving average price of $23.16 and a two-hundred day moving average price of $19.79.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.16). The company had revenue of $16.72 million for the quarter, compared to the consensus estimate of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. On average, sell-side analysts predict that Unusual Machines, Inc. will post -0.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on UMAC. Roth Capital increased their price objective on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. HC Wainwright started coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price target on the stock. Piper Sandler initiated coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price objective for the company. Finally, National Bank Financial set a $42.00 target price on Unusual Machines in a research note on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Unusual Machines 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.