Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Down 8.9% – Here’s What Happened

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) were down 8.9% during mid-day trading on Tuesday . The company traded as low as $13.89 and last traded at $13.97. Approximately 2,897,309 shares traded hands during trading, a decline of 31% from the average daily volume of 4,194,138 shares. The stock had previously closed at $15.34.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $20.00.

Unusual Machines Stock Down 8.5%

The company has a market capitalization of $547.00 million, a price-to-earnings ratio of -16.71 and a beta of 14.32. The stock has a fifty day moving average price of $15.17 and a two-hundred day moving average price of $13.46.

Insider Transactions at Unusual Machines

In other news, CRO Stacy Rochelle Wright sold 13,750 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $255,337.50. Following the completion of the transaction, the executive directly owned 96,250 shares of the company’s stock, valued at $1,787,362.50. The trade was a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the completion of the transaction, the president directly owned 356,375 shares of the company’s stock, valued at approximately $6,617,883.75. This trade represents a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,768 shares of company stock valued at $666,037 over the last three months. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Unusual Machines

A number of institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL raised its holdings in shares of Unusual Machines by 201.0% in 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 during the last quarter. Vanguard Group Inc. grew its stake in Unusual Machines by 13.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after acquiring an additional 136,696 shares during the period. Granahan Investment Management LLC purchased a new stake in Unusual Machines in the 4th quarter worth approximately $14,708,000. State Street Corp grew its stake in Unusual Machines by 698.4% in the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after acquiring an additional 845,173 shares during the period. Finally, Geode Capital Management LLC grew its stake in Unusual Machines by 29.5% in the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock worth $4,587,000 after acquiring an additional 81,883 shares during the period.

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.