Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped up prior to trading on Wednesday . The stock had previously closed at $14.12, but opened at $15.13. Unusual Machines shares last traded at $13.88, with a volume of 1,206,383 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on UMAC. Roth Mkm began coverage on Unusual Machines in a research report on Wednesday. They issued a “buy” rating and a $25.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Unusual Machines in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $21.67.

Unusual Machines Stock Up 13.1%

The stock has a 50 day moving average price of $15.26 and a 200 day moving average price of $13.53. The stock has a market capitalization of $659.59 million, a price-to-earnings ratio of -20.15 and a beta of 14.32.

Insider Activity

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.59, for a total value of $212,167.67. Following the transaction, the chief financial officer directly owned 514,062 shares of the company’s stock, valued at approximately $9,556,412.58. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were 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 in the company, valued at approximately $6,617,883.75. This trade represents a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 35,768 shares of company stock valued at $666,037. 7.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors have recently added to or reduced their stakes in UMAC. Tudor Investment Corp ET AL increased its stake in 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 valued at $18,233,000 after purchasing an additional 806,359 shares in the last quarter. Vanguard Group Inc. increased its stake in Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after purchasing an additional 136,696 shares in the last quarter. Granahan Investment Management LLC bought a new stake in Unusual Machines in the fourth quarter valued at $14,708,000. State Street Corp increased its stake in 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 purchasing an additional 845,173 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Unusual Machines by 29.5% in the fourth quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after purchasing an additional 81,883 shares in the last quarter.

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.