Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped up prior to trading on Tuesday . The stock had previously closed at $19.23, but opened at $20.90. Unusual Machines shares last traded at $21.30, with a volume of 2,289,475 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on UMAC shares. Needham & Company LLC boosted their price objective on shares of Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. Roth Mkm raised their target price on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $30.00.

Unusual Machines Stock Performance

The company has a market cap of $1.03 billion, a PE ratio of -51.36 and a beta of 14.63. The firm has a fifty day simple moving average of $19.77 and a 200 day simple moving average of $16.21.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. The company had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. As a group, equities analysts predict that Unusual Machines, Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Unusual Machines news, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $30.05, for a total value of $3,005,000.00. Following the transaction, the president owned 246,750 shares in the company, valued at $7,414,837.50. This trade represents a 28.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the completion of the transaction, the chief financial officer directly owned 352,650 shares in the company, valued at $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 280,000 shares of company stock valued at $6,477,200 over the last quarter. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its holdings in Unusual Machines by 213.2% in the first quarter. Bank of America Corp DE now owns 38,963 shares of the company’s stock valued at $483,000 after buying an additional 26,524 shares during the last quarter. Royal Bank of Canada lifted its holdings in Unusual Machines by 27.8% during the 1st quarter. Royal Bank of Canada now owns 68,382 shares of the company’s stock worth $848,000 after buying an additional 14,895 shares during the last quarter. Empyrean Capital Partners LP bought a new position in Unusual Machines during the 1st quarter worth approximately $620,000. DLD Asset Management LP acquired a new position in shares of Unusual Machines in the 1st quarter worth approximately $496,000. Finally, Cetera Investment Advisers increased its holdings in shares of Unusual Machines by 23.1% in the 1st quarter. Cetera Investment Advisers now owns 17,884 shares of the company’s stock valued at $222,000 after acquiring an additional 3,353 shares during 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.