Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 10% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares fell 10% during mid-day trading on Thursday . The stock traded as low as $16.64 and last traded at $16.67. Approximately 1,753,514 shares traded hands during trading, a decline of 66% from the average session volume of 5,089,894 shares. The stock had previously closed at $18.52.

Analyst Ratings Changes

UMAC has been the subject of a number of research analyst reports. Needham & Company LLC raised their target price on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a 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 issued a “buy” rating and a $42.00 price objective for the company. Finally, National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $34.80.

Unusual Machines Price Performance

The firm has a market capitalization of $800.96 million, a price-to-earnings ratio of -39.90 and a beta of 14.84. The firm has a 50 day moving average price of $21.14 and a 200-day moving average price of $17.04.

Unusual Machines (NYSEAMERICAN:UMAC) last released its earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The company had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. Equities research analysts predict that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

Insider Activity

In other news, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $26.96, for a total value of $404,400.00. Following the completion of the transaction, the director owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total value of $3,005,000.00. Following the transaction, the president directly owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. This represents a 28.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

A number of large investors have recently modified their holdings of UMAC. BlueCrest Capital Management Ltd purchased a new position in Unusual Machines in the third quarter valued at approximately $2,168,000. Tudor Investment Corp ET AL lifted 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 worth $18,233,000 after buying an additional 806,359 shares during the last quarter. FNY Investment Advisers LLC lifted its position in shares of Unusual Machines by 293.4% during the 4th quarter. FNY Investment Advisers LLC now owns 120,001 shares of the company’s stock worth $1,528,000 after buying an additional 89,500 shares during the last quarter. Moody National Bank Trust Division acquired a new stake in Unusual Machines during the 4th quarter worth $549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Unusual Machines during the 4th quarter worth $1,776,000.

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.