Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 6.4% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price dropped 6.4% during mid-day trading on Wednesday. The stock traded as low as $20.70 and last traded at $20.92. Approximately 706,322 shares traded hands during trading, a decline of 85% from the average daily volume of 4,636,852 shares. The stock had previously closed at $22.36.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on UMAC. Needham & Company LLC reiterated a “buy” rating and set a $40.00 target price on shares of Unusual Machines in a report on Wednesday. HC Wainwright assumed coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 target price for the company. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a research note on Monday, August 17th. Piper Sandler assumed coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 price objective for the company. Finally, National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research note on Wednesday, July 15th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, Unusual Machines presently has an average rating of “Buy” and a consensus target price of $37.00.

Unusual Machines Stock Down 6.8%

The business’s fifty day moving average is $24.52 and its 200-day moving average is $20.60. The stock has a market capitalization of $1.04 billion, a PE ratio of -80.19 and a beta of 14.80.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, meeting 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 company had revenue of $16.72 million for the quarter, compared to analyst estimates of $9.20 million. As a group, sell-side analysts anticipate that Unusual Machines, Inc. will post -0.67 EPS for the current fiscal year.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $26.01, for a total transaction of $296,852.13. Following the completion of the sale, the chief financial officer owned 341,237 shares of the company’s stock, valued at approximately $8,875,574.37. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $26.00, for a total transaction of $715,000.00. Following the completion of the sale, the executive directly owned 68,750 shares of the company’s stock, valued at $1,787,500. The trade was a 28.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 48,538 shares of company stock valued at $1,262,198. Company insiders own 4.87% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP acquired a new stake in shares of Unusual Machines during the 2nd quarter valued at approximately $8,087,000. Concurrent Investment Advisors LLC acquired a new stake in shares of Unusual Machines during the second quarter worth $1,446,000. Bank of New York Mellon Corp bought a new position in shares of Unusual Machines in the 2nd quarter worth about $2,999,000. Empyrean Capital Partners LP bought a new position in shares of Unusual Machines in the 1st quarter worth about $620,000. Finally, Yorkville Advisors Global LP acquired a new position in shares of Unusual Machines in the 1st quarter valued at about $1,692,000.

About Unusual Machines

Unusual Machines, Inc develops, manufactures and sells components and systems for drones, with a focus on first-person-view (FPV) aircraft and other small unmanned aerial systems. Its product offerings include drone motors, propellers, flight controllers, frames and related electronic components used by recreational, commercial and government customers.

The company also markets and distributes FPV drone products through its Rotor Riot brand, which serves the FPV community with aircraft, equipment, accessories and related content.