Unusual Machines (NYSEAMERICAN:UMAC) Trading 8.8% Higher – Here’s What Happened

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) were up 8.8% during mid-day trading on Wednesday . The company traded as high as $28.45 and last traded at $28.26. Approximately 1,438,858 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 4,911,157 shares. The stock had previously closed at $25.97.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on UMAC shares. Needham & Company LLC increased their target price on shares of Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. National Bank Financial set a $42.00 price target on Unusual Machines in a research report on Wednesday, July 15th. Piper Sandler began coverage on Unusual Machines in a report on Wednesday. They set an “overweight” rating and a $38.00 price objective on the stock. HC Wainwright initiated coverage on Unusual Machines in a research note on Wednesday, July 15th. They set a “buy” rating and a $42.00 target price for the company. Finally, Roth Capital lifted their price target on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $37.00.

Unusual Machines Trading Up 7.6%

The company has a 50 day simple moving average of $22.22 and a 200-day simple moving average of $17.90. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -107.46 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The company had revenue of $16.72 million during the quarter, compared to analysts’ expectations of $9.20 million. Equities analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Andrew Ross Camden sold 100,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $30.05, for a total value of $3,005,000.00. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Joseph Hoff sold 150,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were 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 owned 352,650 shares of the company’s stock, valued at $6,245,431.50. This trade represents 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. In the last 90 days, insiders sold 280,000 shares of company stock valued at $6,477,200. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

A number of institutional investors have recently bought and sold shares of UMAC. NFSG Corp acquired a new position in shares of Unusual Machines during the 1st quarter worth approximately $37,000. Wexford Capital LP bought a new position in Unusual Machines during the 3rd quarter worth $40,000. Bank of America Corp DE raised its holdings in Unusual Machines by 7,372.6% in 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 in the last quarter. Ankerstar Wealth LLC acquired a new stake in shares of Unusual Machines during the 4th quarter worth $64,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after purchasing an additional 2,169 shares during the period.

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.