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

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $18.68, but opened at $19.60. Unusual Machines shares last traded at $19.28, with a volume of 983,259 shares traded.

Analyst Upgrades and Downgrades

UMAC has been the topic of several recent research reports. Needham & Company LLC lifted their target price 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 Capital increased their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. HC Wainwright initiated coverage on shares of Unusual Machines in a research note on Wednesday. They set a “buy” rating and a $42.00 price target for the company. Finally, National Bank Financial set a $42.00 price objective on Unusual Machines in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $34.80.

Unusual Machines Stock Up 1.4%

The business has a 50-day simple moving average of $21.05 and a two-hundred day simple moving average of $17.00. The stock has a market capitalization of $905.62 million, a P/E ratio of -45.12 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share (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 the consensus estimate of $5.54 million. On average, sell-side analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

Insider Buying and Selling

In related news, President Andrew Ross Camden sold 100,000 shares of the stock in a transaction dated 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 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 SEC, which is available through the SEC website. 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 transaction of $2,656,500.00. Following the transaction, the chief financial officer directly owned 352,650 shares of the company’s stock, valued at $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 280,000 shares of company stock worth $6,477,200 in the last quarter. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of Unusual Machines

Several hedge funds have recently modified their holdings of the company. NFSG Corp bought a new position in shares of Unusual Machines in the first quarter valued at approximately $37,000. Wexford Capital LP acquired a new position in shares of Unusual Machines in the 3rd quarter worth approximately $40,000. Bank of America Corp DE grew its position in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after acquiring an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC bought a new stake in Unusual Machines during the 4th quarter worth approximately $64,000. Finally, Rockefeller Capital Management L.P. grew its position in Unusual Machines by 54.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after acquiring an additional 2,169 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.