Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped up prior to trading on Wednesday . The stock had previously closed at $18.68, but opened at $19.60. Unusual Machines shares last traded at $19.28, with a volume of 983,259 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on UMAC shares. Needham & Company LLC upped their price target on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. HC Wainwright assumed coverage on Unusual Machines in a research note on Wednesday. They issued a “buy” rating and a $42.00 target price for the company. Roth Capital boosted their target price on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, National Bank Financial set a $42.00 price target on shares of Unusual Machines in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $34.80.

Unusual Machines Price Performance

The stock has a market capitalization of $795.23 million, a P/E ratio of -39.62 and a beta of 14.84. The business’s 50 day simple moving average is $21.20 and its 200-day simple moving average is $17.07.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15). The business had revenue of $8.10 million for 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%. Research analysts anticipate that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction dated 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 owned 352,650 shares in the company, valued at approximately $6,245,431.50. This trade represents a 29.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction dated 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 $7,414,837.50. The trade was a 28.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Unusual Machines

Several large investors have recently bought and sold shares of the company. Granahan Investment Management LLC bought a new position in shares of Unusual Machines during the fourth quarter worth $14,708,000. State Street Corp raised its stake in Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after buying an additional 845,173 shares during the period. Tudor Investment Corp ET AL raised its stake in Unusual Machines by 201.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after buying an additional 806,359 shares during the period. Wasatch Advisors LP bought a new position in Unusual Machines during the second quarter worth about $8,087,000. Finally, Alyeska Investment Group L.P. acquired a new position in Unusual Machines in the fourth quarter valued at about $2,521,000.

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.