Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 6.2% – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) rose 6.2% during mid-day trading on Tuesday . The stock traded as high as $32.80 and last traded at $32.02. Approximately 1,718,159 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 4,991,175 shares. The stock had previously closed at $30.15.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on UMAC shares. ThinkEquity reiterated a “buy” rating on shares of Unusual Machines in a report on Monday. Needham & Company LLC boosted their price objective on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Roth Capital upped their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Piper Sandler initiated coverage on Unusual Machines in a research note on Wednesday, August 12th. They set an “overweight” rating and a $38.00 target price for the company. Finally, National Bank Financial set a $42.00 target price on Unusual Machines in a report on Wednesday, July 15th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Unusual Machines Trading Down 7.5%

The company has a market cap of $1.41 billion, a price-to-earnings ratio of -108.85 and a beta of 14.92. The stock’s 50-day moving average is $22.56 and its 200-day moving average is $18.46.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The business had revenue of $16.72 million during the quarter, compared to analysts’ expectations of $9.20 million. As a group, analysts predict that Unusual Machines, Inc. will post -0.72 EPS for the current year.

Insider Transactions at Unusual Machines

In related news, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total value of $3,005,000.00. Following the completion of the sale, the president directly owned 246,750 shares of the company’s stock, valued at $7,414,837.50. The trade was a 28.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey M. Thompson sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $26.96, for a total value of $404,400.00. Following the transaction, the director directly owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. This trade represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 280,000 shares of company stock valued at $6,477,200 in the last 90 days. 7.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP bought a new position in shares of Unusual Machines in the 2nd quarter worth $8,087,000. Empyrean Capital Partners LP bought a new stake in Unusual Machines during the 1st quarter valued at $620,000. Yorkville Advisors Global LP bought a new stake in Unusual Machines during the 1st quarter valued at $1,692,000. Counterpoint Mutual Funds LLC acquired a new position in Unusual Machines during the first quarter worth $817,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Unusual Machines during the fourth quarter worth $1,776,000.

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.