Unusual Machines (NYSEAMERICAN:UMAC) Stock Falls 6.4% – Here’s What Happened

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) were down 6.4% during trading on Wednesday. The company traded as low as $20.70 and last traded at $20.92. 706,322 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,636,852 shares. The stock had previously closed at $22.36.

Wall Street Analysts Forecast Growth

UMAC has been the topic of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Unusual Machines in a research report on Wednesday. National Bank Financial set a $42.00 target price on Unusual Machines in a research report on Wednesday, July 15th. Piper Sandler assumed coverage on Unusual Machines in a research report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price target for the company. HC Wainwright began coverage on Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target for the company. Finally, ThinkEquity reissued a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. Six research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Unusual Machines has a consensus rating of “Buy” and a consensus target price of $37.00.

Unusual Machines Price Performance

The company has a fifty day moving average price of $24.52 and a two-hundred day moving average price of $20.60. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -80.19 and a beta of 14.80.

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

Insider Activity at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total value of $296,852.13. Following the transaction, the chief financial officer owned 341,237 shares in the company, valued at approximately $8,875,574.37. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.00, for a total value of $715,000.00. Following the sale, the executive owned 68,750 shares of the company’s stock, valued at $1,787,500. This trade represents 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 a total of 48,538 shares of company stock valued at $1,262,198 over the last ninety days. Insiders own 4.87% of the company’s stock.

Institutional Trading of Unusual Machines

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Granahan Investment Management LLC acquired a new position in shares of Unusual Machines in the fourth quarter worth about $14,708,000. Wasatch Advisors LP acquired a new position in Unusual Machines in the 2nd quarter worth approximately $8,087,000. Squarepoint Ops LLC purchased a new position in Unusual Machines during the 2nd quarter worth approximately $4,872,000. Bank of New York Mellon Corp acquired a new stake in Unusual Machines during the 2nd quarter valued at $2,999,000. Finally, Yorkville Advisors Global LP acquired a new stake in shares of Unusual Machines in the first quarter worth $1,692,000.

Unusual Machines Company Profile

Unusual Machines, Inc develops, manufactures and sells components and systems for drones, with a focus on first-person-view (FPV) aircraft and other small unmanned aerial systems. Its product offerings include drone motors, propellers, flight controllers, frames and related electronic components used by recreational, commercial and government customers.

The company also markets and distributes FPV drone products through its Rotor Riot brand, which serves the FPV community with aircraft, equipment, accessories and related content.