Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Down 10% – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) dropped 10% during mid-day trading on Thursday . The stock traded as low as $16.64 and last traded at $16.67. 1,753,514 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 5,089,894 shares. The stock had previously closed at $18.52.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. HC Wainwright began coverage on shares of Unusual Machines in a report on Wednesday. They issued a “buy” rating and a $42.00 price objective on the stock. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research report on Wednesday. Roth Capital increased their price target on Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Needham & Company LLC lifted their price objective on Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $34.80.

Unusual Machines Stock Performance

The firm has a market cap of $809.08 million, a P/E ratio of -40.31 and a beta of 14.84. The stock’s 50-day moving average is $21.27 and its 200 day moving average is $17.07.

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 business had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. On average, research analysts anticipate that Unusual Machines, Inc. will post -0.72 EPS for the current year.

Insider Activity at Unusual Machines

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

Hedge Funds Weigh In On Unusual Machines

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

Unusual Machines Company Profile

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.