Connective Capital Management LLC Has $1.31 Million Stock Position in Unusual Machines, Inc. $UMAC

Connective Capital Management LLC lowered its position in shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) by 46.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,701 shares of the company’s stock after selling 50,259 shares during the quarter. Unusual Machines makes up about 1.0% of Connective Capital Management LLC’s investment portfolio, making the stock its 19th largest position. Connective Capital Management LLC owned approximately 0.12% of Unusual Machines worth $1,309,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in UMAC. California State Teachers Retirement System bought a new position in Unusual Machines in the second quarter valued at about $313,000. Concurrent Investment Advisors LLC bought a new stake in Unusual Machines during the 2nd quarter worth about $1,446,000. Bank of New York Mellon Corp acquired a new position in Unusual Machines during the 2nd quarter valued at about $2,999,000. Wasatch Advisors LP acquired a new position in Unusual Machines during the 2nd quarter valued at about $8,087,000. Finally, IFC & Insurance Marketing Inc. boosted its stake in shares of Unusual Machines by 30.7% in the 2nd quarter. IFC & Insurance Marketing Inc. now owns 14,140 shares of the company’s stock valued at $315,000 after purchasing an additional 3,319 shares during the last quarter.

Unusual Machines Stock Performance

UMAC traded up $2.22 during midday trading on Tuesday, reaching $25.98. 3,302,272 shares of the company were exchanged, compared to its average volume of 4,908,671. The stock has a market capitalization of $1.30 billion, a P/E ratio of -99.92 and a beta of 14.78. Unusual Machines, Inc. has a one year low of $7.24 and a one year high of $34.93. The stock’s 50-day simple moving average is $23.02 and its 200 day simple moving average is $19.53.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, meeting analysts’ consensus estimates of ($0.16). The company had revenue of $16.72 million during 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%. On average, research analysts anticipate that Unusual Machines, Inc. will post -0.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on UMAC. HC Wainwright initiated 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 for the company. ThinkEquity restated a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. Roth Capital raised their price objective on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Piper Sandler started coverage on shares of Unusual Machines in a report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 target price for the company. Finally, Needham & Company LLC upped their target price 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. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Insider Activity at Unusual Machines

In related news, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $250,346.25. Following the completion of the transaction, the president owned 237,125 shares in the company, valued at approximately $6,167,621.25. The trade was a 3.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $296,852.13. Following the completion of the sale, the chief financial officer directly owned 341,237 shares of the company’s stock, valued at $8,875,574.37. The trade was 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. Over the last 90 days, insiders sold 48,538 shares of company stock worth $1,262,198. 4.87% of the stock is currently owned by company insiders.

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.