Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 4.7% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price shot up 4.7% on Thursday. The company traded as high as $23.79 and last traded at $23.75. Approximately 1,157,447 shares changed hands during trading, a decline of 76% from the average daily volume of 4,735,973 shares. The stock had previously closed at $22.69.

Analysts Set New Price Targets

A number of brokerages recently issued reports on UMAC. Piper Sandler began coverage on Unusual Machines in a research note on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 price objective on the stock. National Bank Financial set a $42.00 price objective on Unusual Machines in a report on Wednesday, July 15th. ThinkEquity reissued a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. Needham & Company LLC upped their price objective on shares of Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, HC Wainwright began coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price objective on the stock. 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.00.

Unusual Machines Stock Up 0.5%

The company has a market capitalization of $1.20 billion, a PE ratio of -92.50 and a beta of 14.78. The stock’s fifty day moving average price is $24.04 and its two-hundred day moving average price is $20.42.

Unusual Machines (NYSEAMERICAN:UMAC) last issued 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). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The business had revenue of $16.72 million for the quarter, compared to the consensus estimate of $9.20 million. On average, equities research analysts forecast that Unusual Machines, Inc. will post -0.67 EPS for the current year.

Insider Activity at Unusual Machines

In related news, CRO Stacy Rochelle Wright sold 27,500 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.00, for a total value of $715,000.00. Following the transaction, the executive owned 68,750 shares in the company, valued at $1,787,500. The trade was a 28.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of the firm’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 sale, the chief financial officer directly owned 341,237 shares of the company’s stock, valued at $8,875,574.37. This trade represents 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. Insiders sold a total of 48,538 shares of company stock valued at $1,262,198 in the last 90 days. Corporate insiders own 4.87% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds and other institutional investors have recently modified their holdings of UMAC. Wasatch Advisors LP bought a new stake in Unusual Machines during the 2nd quarter worth approximately $8,087,000. Concurrent Investment Advisors LLC bought a new position in shares of Unusual Machines in the second quarter worth about $1,446,000. Empyrean Capital Partners LP purchased a new position in Unusual Machines in the 1st quarter worth approximately $620,000. Yorkville Advisors Global LP purchased a new position in shares of Unusual Machines in the first quarter worth $1,692,000. Finally, Bank of New York Mellon Corp bought a new stake 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.