Unusual Machines (NYSEAMERICAN:UMAC) Trading 11% Higher – Still a Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded up 11% during mid-day trading on Thursday . The company traded as high as $25.64 and last traded at $25.37. 1,065,288 shares changed hands during trading, a decline of 79% from the average session volume of 5,181,284 shares. The stock had previously closed at $22.85.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Needham & Company LLC increased their target price on Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday. Roth Mkm increased their target price on Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Unusual Machines has a consensus rating of “Buy” and an average price target of $30.00.

Unusual Machines Price Performance

The firm’s 50 day moving average is $17.41 and its two-hundred day moving average is $14.99. The firm has a market capitalization of $1.18 billion, a P/E ratio of -58.95 and a beta of 14.62.

Unusual Machines (NYSEAMERICAN:UMAC) last released its earnings results on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. Analysts anticipate that Unusual Machines, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $6,245,431.50. This trade represents a 29.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 100,000 shares of the firm’s 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 sale, the president directly owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This represents a 28.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 315,768 shares of company stock valued at $7,143,237 over the last three months. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds have recently added to or reduced their stakes in UMAC. NFSG Corp acquired a new stake in shares of Unusual Machines during the first quarter worth $37,000. Ameritas Advisory Services LLC acquired a new stake in shares of Unusual Machines during the third quarter worth $38,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines during the third quarter worth $40,000. Jones Financial Companies Lllp lifted its holdings in shares of Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after buying an additional 1,218 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after buying an additional 7,004 shares in 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.