50,000 Shares in Unusual Machines, Inc. $UMAC Acquired by Empyrean Capital Partners LP

Empyrean Capital Partners LP bought a new position in Unusual Machines, Inc. (NYSEAMERICAN:UMAC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 50,000 shares of the company’s stock, valued at approximately $620,000.

Several other institutional investors have also recently added to or reduced their stakes in UMAC. Granahan Investment Management LLC bought a new position in shares of Unusual Machines during the 4th quarter worth approximately $14,708,000. State Street Corp increased its stake in shares of Unusual Machines by 698.4% in the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after acquiring an additional 845,173 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Unusual Machines during the 4th quarter valued at $2,521,000. Sei Investments Co. acquired a new position in shares of Unusual Machines during the 3rd quarter valued at $2,652,000. Finally, Concentric Capital Strategies LP bought a new position in Unusual Machines during the fourth quarter worth $2,052,000.

Unusual Machines Trading Up 6.4%

Shares of Unusual Machines stock opened at $20.60 on Tuesday. The stock has a fifty day simple moving average of $21.79 and a 200 day simple moving average of $17.36. Unusual Machines, Inc. has a 12-month low of $7.24 and a 12-month high of $34.36. The company has a market capitalization of $984.47 million, a P/E ratio of -49.05 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.21 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 company had revenue of $8.10 million during the quarter, compared to analysts’ expectations of $5.54 million. On average, analysts predict that Unusual Machines, Inc. will post -0.72 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a report on Wednesday, July 15th. Needham & Company LLC upped their price objective on shares of Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, June 11th. HC Wainwright assumed coverage on shares of Unusual Machines in a report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price objective on the stock. Finally, Roth Capital increased their price objective on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $34.80.

Insider Transactions at Unusual Machines

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the completion of the sale, the director owned 4,779,392 shares in the company, valued at $131,050,928.64. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Andrew Ross Camden sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 280,000 shares of company stock worth $6,477,200 in the last quarter. 7.50% of the stock is currently owned by corporate insiders.

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.