Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 7.5% – Time to Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shot up 7.5% during trading on Tuesday . The company traded as high as $25.67 and last traded at $25.55. 1,150,417 shares were traded during trading, a decline of 76% from the average session volume of 4,891,794 shares. The stock had previously closed at $23.76.

Analysts Set New Price Targets

UMAC has been the subject of a number of recent analyst reports. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. HC Wainwright initiated coverage on shares of Unusual Machines in a report on Wednesday, July 15th. They set a “buy” rating and a $42.00 target price for the company. Piper Sandler began coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price objective for the company. Needham & Company LLC upped their target price on shares of Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, National Bank Financial set a $42.00 target price on shares of Unusual Machines in a report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Unusual Machines currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Unusual Machines Price Performance

The company’s 50 day simple moving average is $23.12 and its 200 day simple moving average is $19.69. The company has a market capitalization of $1.22 billion, a PE ratio of -93.54 and a beta of 14.78.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). The business had revenue of $16.72 million for the quarter, compared to analysts’ expectations of $9.20 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. On average, equities analysts forecast that Unusual Machines, Inc. will post -0.67 EPS for the current year.

Insider Activity at Unusual Machines

In related news, President Andrew Ross Camden sold 9,625 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $26.01, for a total value of $250,346.25. Following the sale, the president owned 237,125 shares in the company, valued at $6,167,621.25. This represents a 3.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of Unusual Machines stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $26.00, for a total transaction of $715,000.00. Following the transaction, the executive owned 68,750 shares of the company’s stock, valued at approximately $1,787,500. The trade was a 28.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 48,538 shares of company stock worth $1,262,198 over the last 90 days. Company insiders own 4.87% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds have recently made changes to their positions in the business. NFSG Corp acquired a new position in shares of Unusual Machines in the 1st quarter valued at $37,000. Wexford Capital LP purchased a new position in Unusual Machines in the third quarter valued at about $40,000. IFP Advisors Inc grew its position in shares of Unusual Machines by 281.4% during the second quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock worth $45,000 after buying an additional 1,500 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Unusual Machines during the 2nd quarter worth $52,000. Finally, Bank of America Corp DE grew its stake in Unusual Machines by 7,372.6% in the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after purchasing an additional 7,004 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.