Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 9.1% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price rose 9.1% during mid-day trading on Thursday . The stock traded as high as $31.74 and last traded at $31.50. Approximately 5,578,263 shares were traded during mid-day trading, an increase of 8% from the average daily volume of 5,157,291 shares. The stock had previously closed at $28.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on UMAC shares. Roth Mkm raised their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC upped their price target on Unusual Machines from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $27.33.

Unusual Machines Stock Performance

The stock’s 50-day moving average price is $16.10 and its two-hundred day moving average price is $14.37. The stock has a market capitalization of $1.56 billion, a PE ratio of -77.74 and a beta of 14.62.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. The business had revenue of $8.10 million for the quarter, compared to analysts’ expectations of $5.54 million. On average, analysts predict that Unusual Machines, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Unusual Machines

In other news, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the transaction, the chief financial officer directly owned 352,650 shares of the company’s stock, valued at $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the completion of the sale, the president owned 356,375 shares of the company’s stock, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 185,768 shares of company stock worth $3,322,537. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in shares of Unusual Machines by 89.1% in the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after buying an additional 105,020 shares during the last quarter. Jump Financial LLC purchased a new position in Unusual Machines in the second quarter worth about $1,251,000. Bank of America Corp DE grew its stake 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 purchasing an additional 7,004 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Unusual Machines by 4,639.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after purchasing an additional 13,084 shares during the last quarter. Finally, AlphaQuest LLC bought a new position in shares of Unusual Machines in the 3rd quarter worth approximately $558,000.

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.