Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 7.4% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded down 7.4% on Friday . The company traded as low as $18.91 and last traded at $19.19. 1,755,414 shares changed hands during trading, a decline of 66% from the average session volume of 5,133,760 shares. The stock had previously closed at $20.73.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on UMAC shares. Needham & Company LLC boosted their price objective on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. Roth Capital raised their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $30.00.

Unusual Machines Stock Down 9.3%

The company has a market capitalization of $898.93 million, a P/E ratio of -44.78 and a beta of 14.84. The firm’s 50-day moving average price is $20.90 and its 200 day moving average price is $16.89.

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

Insider Activity at Unusual Machines

In other Unusual Machines news, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction 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 transaction, the president owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction on 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 sale, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 280,000 shares of company stock valued at $6,477,200. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of UMAC. NFSG Corp bought a new position in Unusual Machines during the first quarter valued at $37,000. Wexford Capital LP bought a new position in shares of Unusual Machines during the 3rd quarter worth $40,000. Bank of America Corp DE increased 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 worth $61,000 after acquiring an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC purchased a new stake in Unusual Machines during the fourth quarter valued at about $64,000. Finally, Rockefeller Capital Management L.P. boosted its position in Unusual Machines by 54.2% during 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.

About Unusual Machines

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.