Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 10.7% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded down 10.7% during trading on Wednesday . The stock traded as low as $29.01 and last traded at $29.85. 2,159,176 shares traded hands during trading, a decline of 58% from the average session volume of 5,089,605 shares. The stock had previously closed at $33.42.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Roth Mkm boosted their price objective on Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC upped their target price on Unusual Machines from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $27.33.

Unusual Machines Stock Down 12.1%

The company has a 50-day simple moving average of $15.47 and a two-hundred day simple moving average of $14.07. The stock has a market cap of $1.40 billion, a P/E ratio of -69.97 and a beta of 14.62.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. The company had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. As a group, sell-side analysts forecast that Unusual Machines, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Unusual Machines

In other news, CRO Stacy Rochelle Wright sold 13,750 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the completion of the sale, the executive directly owned 96,250 shares in the company, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $17.71, for a total value of $2,656,500.00. Following the completion of the sale, the chief financial officer directly owned 352,650 shares in the company, valued at $6,245,431.50. The trade was a 29.84% 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 185,768 shares of company stock worth $3,322,537. 7.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unusual Machines

A number of large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp raised its holdings in shares of Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after acquiring an additional 1,218 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock valued at $148,000 after acquiring an additional 2,116 shares in the last quarter. 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 valued at $79,000 after acquiring an additional 2,169 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in Unusual Machines in the third quarter valued at $38,000. Finally, Wexford Capital LP bought a new stake in Unusual Machines in the third quarter valued at $40,000.

Unusual Machines Company 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.