Needham & Company LLC Issues Positive Forecast for Unusual Machines (NYSEAMERICAN:UMAC) Stock Price

Unusual Machines (NYSEAMERICAN:UMAC) had its price target lifted by equities researchers at Needham & Company LLC from $30.00 to $40.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 54.92% from the stock’s current price.

Several other research analysts also recently weighed in on the company. National Bank Financial set a $42.00 target price on Unusual Machines in a research note on Wednesday, July 15th. HC Wainwright started coverage on Unusual Machines in a report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target for the company. Finally, Roth Capital boosted their price objective on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $36.80.

Unusual Machines Price Performance

Shares of UMAC stock traded up $0.09 during trading hours on Thursday, reaching $25.82. 4,155,189 shares of the stock were exchanged, compared to its average volume of 4,938,459. The firm has a market capitalization of $1.23 billion, a P/E ratio of -61.47 and a beta of 14.92. The business’s fifty day moving average is $22.63 and its two-hundred day moving average is $17.68. Unusual Machines has a 12-month low of $7.24 and a 12-month high of $34.36.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.16). The company 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 11.83% and a negative net margin of 32.71%. As a group, equities research analysts predict that Unusual Machines will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In other news, President Andrew Ross Camden sold 100,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the president owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey M. Thompson sold 15,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the sale, the director directly owned 4,794,392 shares of the company’s stock, valued at $129,256,808.32. The trade was a 0.31% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Yorkville Advisors Global LP bought a new stake in shares of Unusual Machines during the first quarter valued at approximately $1,692,000. Empyrean Capital Partners LP bought a new stake in Unusual Machines in the first quarter worth about $620,000. Counterpoint Mutual Funds LLC acquired a new stake in Unusual Machines during the first quarter valued at approximately $817,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Unusual Machines during the 4th quarter worth $1,776,000. Finally, UBS Group AG increased its stake in Unusual Machines by 410.0% in the 4th quarter. UBS Group AG now owns 200,329 shares of the company’s stock worth $2,552,000 after purchasing an additional 161,048 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.