Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – Should You Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $19.23, but opened at $20.90. Unusual Machines shares last traded at $21.30, with a volume of 2,289,475 shares.

Analyst Ratings Changes

Several research firms recently weighed in on UMAC. Needham & Company LLC increased their price objective on shares of Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Roth Mkm upped their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $30.00.

Unusual Machines Stock Up 12.2%

The firm’s 50-day moving average price is $19.77 and its 200 day moving average price is $16.21. The firm has a market cap of $1.03 billion, a P/E ratio of -51.36 and a beta of 14.63.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.15). The firm had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. On average, equities analysts predict that Unusual Machines, Inc. will post -0.3 earnings per share for the current year.

Insider Buying and Selling at Unusual Machines

In other news, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction that occurred 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 sale, the chief financial officer owned 352,650 shares of the company’s stock, valued at approximately $6,245,431.50. The trade was a 29.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction on Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the sale, the director directly owned 4,779,392 shares in the company, valued at $131,050,928.64. The trade was a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in Unusual Machines by 89.1% in the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock valued at $1,911,000 after buying an additional 105,020 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Unusual Machines during the 2nd quarter worth about $1,251,000. Bank of America Corp DE lifted its stake in shares of 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 period. Tower Research Capital LLC TRC lifted its stake in shares of Unusual Machines by 4,639.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock worth $115,000 after acquiring an additional 13,084 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after acquiring an additional 136,696 shares in 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.