Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7.3% – Time to Sell?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded down 7.3% during trading on Thursday. The company traded as low as $22.40 and last traded at $22.70. 1,870,306 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 4,670,863 shares. The stock had previously closed at $24.48.

Analyst Upgrades and Downgrades

UMAC has been the subject of a number of analyst reports. HC Wainwright initiated coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 target price for the company. Piper Sandler assumed coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 target price for the company. ThinkEquity restated a “buy” rating on shares of Unusual Machines in a research report on Monday, August 17th. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research note on Wednesday, July 15th. Finally, Needham & Company LLC upped their target price on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Unusual Machines Trading Down 7.9%

The company has a market capitalization of $1.13 billion, a P/E ratio of -86.69 and a beta of 14.78. The business’s fifty day moving average price is $24.38 and its 200-day moving average price is $20.54.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, meeting analysts’ consensus estimates of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The company had revenue of $16.72 million during the quarter, compared to analyst estimates of $9.20 million. As a group, equities research analysts forecast that Unusual Machines, Inc. will post -0.67 EPS for the current year.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 27,500 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $26.00, for a total value of $715,000.00. Following the completion of the transaction, the executive owned 68,750 shares of the company’s stock, valued at approximately $1,787,500. The trade was a 28.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 9,625 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total value of $250,346.25. Following the transaction, the president directly owned 237,125 shares in the company, valued at $6,167,621.25. The trade was a 3.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 48,538 shares of company stock worth $1,262,198. 4.87% of the stock is owned by insiders.

Hedge Funds Weigh In On Unusual Machines

Institutional investors and hedge funds have recently bought and sold shares of the stock. Granahan Investment Management LLC bought a new position in shares of Unusual Machines in the fourth quarter worth about $14,708,000. Wasatch Advisors LP bought a new position in Unusual Machines during the second quarter valued at $8,087,000. Squarepoint Ops LLC purchased a new position in shares of Unusual Machines during the 2nd quarter worth about $4,872,000. Yorkville Advisors Global LP purchased a new position in shares of Unusual Machines during the first quarter valued at approximately $1,692,000. Finally, Bank of New York Mellon Corp bought a new position in Unusual Machines in the 2nd quarter valued at $2,999,000.

Unusual Machines Company Profile

Unusual Machines, Inc is a U.S.-based drone technology company that develops, manufactures and distributes unmanned aircraft systems and components. Its product portfolio is focused primarily on the first-person-view (FPV) drone market and includes drones, motors, propellers, flight controllers, frames, electronic components and FPV goggles.

The company sells products under brands including Rotor Riot and Fat Shark. Rotor Riot is associated with FPV drones, parts and accessories, while Fat Shark is known for FPV video goggles and related equipment.