Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 7.8% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares were up 7.8% during trading on Tuesday . The stock traded as high as $18.70 and last traded at $18.56. 1,104,742 shares changed hands during trading, a decline of 78% from the average session volume of 5,112,310 shares. The stock had previously closed at $17.22.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Needham & Company LLC upped their target price on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. HC Wainwright assumed coverage on shares of Unusual Machines in a research note on Wednesday. They issued a “buy” rating and a $42.00 target price for the company. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a report on Wednesday. Finally, Roth Capital raised their target price on Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $34.80.

Unusual Machines Stock Performance

The firm has a market cap of $885.07 million, a PE ratio of -44.09 and a beta of 14.84. The stock has a 50 day simple moving average of $21.14 and a two-hundred day simple moving average of $17.04.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results 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). The company had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. Equities research analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other Unusual Machines news, CFO Brian Joseph Hoff sold 150,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the transaction, the chief financial officer owned 352,650 shares in the company, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $26.96, for a total value of $404,400.00. Following the completion of the sale, the director directly owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 280,000 shares of company stock worth $6,477,200. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its holdings in shares of Unusual Machines by 22.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock valued at $148,000 after acquiring an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of 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 period. Wexford Capital LP acquired a new position in shares of Unusual Machines during the 3rd quarter valued at about $40,000. NFSG Corp acquired a new position in shares of Unusual Machines during the 1st quarter valued at about $37,000. Finally, IFC & Insurance Marketing Inc. grew its holdings in shares of Unusual Machines by 43.6% in the first quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock valued at $134,000 after purchasing an additional 3,283 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.