Unusual Machines (NYSEAMERICAN:UMAC) Trading 6.2% Higher – Should You Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price rose 6.2% during trading on Tuesday . The stock traded as high as $32.80 and last traded at $32.02. 1,718,159 shares changed hands during trading, a decline of 66% from the average session volume of 4,991,175 shares. The stock had previously closed at $30.15.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on UMAC. HC Wainwright started coverage on Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 target price for the company. Needham & Company LLC increased their price objective on Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Piper Sandler began coverage on Unusual Machines in a research report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price objective for the company. Roth Capital raised their price objective on Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, ThinkEquity reissued a “buy” rating on shares of Unusual Machines in a research note on Monday. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Unusual Machines Trading Up 1.0%

The company’s 50 day simple moving average is $22.32 and its 200-day simple moving average is $18.27. The firm has a market cap of $1.52 billion, a P/E ratio of -117.15 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.16). The business had revenue of $16.72 million for the quarter, compared to analysts’ expectations of $9.20 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. On average, sell-side analysts anticipate that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the transaction, the president directly owned 246,750 shares of the company’s stock, valued at $7,414,837.50. The trade was a 28.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of the stock in a transaction 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 completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 280,000 shares of company stock worth $6,477,200 over the last quarter. 7.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in UMAC. Caitong International Asset Management Co. Ltd increased its holdings in shares of Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock worth $148,000 after purchasing an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in Unusual Machines by 54.2% in 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 last quarter. Wexford Capital LP purchased a new stake in shares of Unusual Machines during the 3rd quarter worth approximately $40,000. NFSG Corp purchased a new stake in shares of Unusual Machines during the 1st quarter worth approximately $37,000. Finally, IFC & Insurance Marketing Inc. boosted its position in shares of Unusual Machines by 43.6% during the 1st quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock valued at $134,000 after acquiring an additional 3,283 shares during the last quarter.

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.