Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 11% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares were up 11% during mid-day trading on Thursday . The company traded as high as $25.64 and last traded at $25.37. Approximately 1,065,288 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 5,181,284 shares. The stock had previously closed at $22.85.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on UMAC shares. Roth Mkm increased their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC increased their target price on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a report on Thursday. One equities research 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. Based on data from MarketBeat.com, Unusual Machines has an average rating of “Buy” and a consensus target price of $30.00.

Unusual Machines Price Performance

The company has a fifty day moving average of $17.91 and a 200-day moving average of $15.18. The firm has a market capitalization of $1.17 billion, a PE ratio of -58.17 and a beta of 14.62.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data 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). The firm had revenue of $8.10 million for the quarter, compared to analysts’ expectations of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. Equities analysts anticipate that Unusual Machines, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the transaction, the executive directly owned 96,250 shares of the company’s stock, valued at $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Andrew Ross Camden sold 100,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the transaction, the president directly owned 246,750 shares in the company, valued at $7,414,837.50. The trade was a 28.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 315,768 shares of company stock valued at $7,143,237. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

Several hedge funds have recently bought and sold shares of UMAC. NFSG Corp acquired a new position in Unusual Machines during the first quarter worth $37,000. Ameritas Advisory Services LLC acquired a new position in Unusual Machines during the third quarter worth $38,000. Wexford Capital LP acquired a new position in Unusual Machines during the third quarter worth $40,000. Jones Financial Companies Lllp increased its position in Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after buying an additional 1,218 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after buying an additional 7,004 shares during the last quarter.

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.