Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down After Insider Selling

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $31.78, but opened at $30.07. Unusual Machines shares last traded at $29.19, with a volume of 2,951,108 shares changing hands.

Specifically, CFO Brian Joseph Hoff sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $17.71, for a total value 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. The trade was a 29.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of research firms have commented on UMAC. Needham & Company LLC boosted their price objective on Unusual Machines from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Roth Mkm initiated coverage on Unusual Machines in a report on Wednesday, May 13th. They issued a “buy” rating and a $25.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $22.33.

Unusual Machines Price Performance

The firm has a 50 day moving average price of $15.26 and a 200-day moving average price of $13.95. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -68.31 and a beta of 14.63.

Unusual Machines (NYSEAMERICAN:UMAC) last announced 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). The firm had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. On average, sell-side analysts expect that Unusual Machines, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Unusual Machines

A number of institutional investors and hedge funds have recently modified their holdings of the business. Granahan Investment Management LLC acquired a new position in Unusual Machines in the fourth quarter valued at approximately $14,708,000. State Street Corp grew its holdings in Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after acquiring an additional 845,173 shares during the period. Tudor Investment Corp ET AL raised 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 last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Unusual Machines in the 4th quarter valued at $2,521,000. Finally, Sei Investments Co. bought a new position in shares of Unusual Machines in the 3rd quarter worth $2,652,000.

Unusual Machines Company Profile

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.