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

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $34.06, but opened at $32.55. Unusual Machines shares last traded at $30.80, with a volume of 1,952,538 shares.

Analysts Set New Price Targets

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

Unusual Machines Stock Down 7.2%

The business has a 50 day moving average price of $22.23 and a 200 day moving average price of $18.17. The stock has a market cap of $1.58 billion, a P/E ratio of -121.58 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last posted 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 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 expect that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the transaction, the director directly owned 4,779,392 shares in the company, valued at approximately $131,050,928.64. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the sale, the president owned 246,750 shares of the company’s stock, valued at $7,414,837.50. The trade was a 28.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 280,000 shares of company stock valued at $6,477,200. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Unusual Machines by 13.3% during the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after buying an additional 136,696 shares during the period. Granahan Investment Management LLC bought a new position in Unusual Machines in the fourth quarter worth about $14,708,000. State Street Corp boosted its holdings in shares of Unusual Machines by 698.4% in the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after buying an additional 845,173 shares in the last quarter. Wasatch Advisors LP purchased a new position in shares of Unusual Machines in the 2nd quarter worth approximately $8,087,000. Finally, Geode Capital Management LLC raised its stake in shares of Unusual Machines by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock worth $4,587,000 after acquiring an additional 81,883 shares in the last quarter.

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.