Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 7.9% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price shot up 7.9% during trading on Tuesday . The company traded as high as $18.82 and last traded at $18.75. Approximately 568,523 shares were traded during trading, a decline of 89% from the average session volume of 5,029,355 shares. The stock had previously closed at $17.38.

Analysts Set New Price Targets

UMAC has been the topic of several research reports. HC Wainwright started coverage on shares of Unusual Machines in a report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target on the stock. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research note on Wednesday, July 15th. Needham & Company LLC upped their price objective on shares of Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $34.80.

Unusual Machines Trading Up 11.6%

The firm has a market cap of $927.13 million, a price-to-earnings ratio of -46.19 and a beta of 14.84. The company has a fifty day moving average price of $21.31 and a 200-day moving average price of $17.14.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15). The company had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. As a group, research analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Unusual Machines news, President Andrew Ross Camden sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $30.05, for a total value of $3,005,000.00. Following the sale, the president owned 246,750 shares in the company, valued at approximately $7,414,837.50. This represents a 28.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $27.42, for a total transaction of $411,300.00. Following the sale, the director directly owned 4,779,392 shares in the company, valued at $131,050,928.64. The trade was a 0.31% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 280,000 shares of company stock worth $6,477,200. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NFSG Corp acquired a new position in shares of Unusual Machines in the first quarter worth about $37,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines during the 3rd quarter valued at about $40,000. Bank of America Corp DE grew its position in shares of Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after acquiring an additional 7,004 shares during the period. Ankerstar Wealth LLC purchased a new position in shares of Unusual Machines in the 4th quarter valued at about $64,000. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Unusual Machines by 54.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after purchasing an additional 2,169 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.