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

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares were down 8.9% on Tuesday . The stock traded as low as $13.89 and last traded at $13.97. Approximately 2,897,309 shares changed 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 target price 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, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Price Performance

The stock has a market cap of $547.00 million, a price-to-earnings ratio of -16.71 and a beta of 14.32. The stock’s 50-day moving average is $15.17 and its 200 day moving average is $13.46.

Insider Activity at Unusual Machines

In related news, CRO Stacy Rochelle Wright sold 13,750 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $255,337.50. Following the completion of the sale, the executive owned 96,250 shares in the company, valued at $1,787,362.50. This trade represents a 12.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Joseph Hoff sold 11,413 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.59, for a total transaction of $212,167.67. Following the completion of the sale, the chief financial officer 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 35,768 shares of company stock worth $666,037 over the last 90 days. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL lifted its position in shares of Unusual Machines by 201.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock valued at $18,233,000 after acquiring an additional 806,359 shares during the period. Vanguard Group Inc. lifted its position in shares of Unusual Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after acquiring an additional 136,696 shares during the period. Granahan Investment Management LLC acquired a new stake in shares of Unusual Machines during the 4th quarter valued at approximately $14,708,000. State Street Corp lifted its position in shares of Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after acquiring an additional 845,173 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Unusual Machines by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after acquiring an additional 81,883 shares during the period.

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.