Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report) traded down 10.7% during mid-day trading on Wednesday . The company traded as low as $29.01 and last traded at $29.85. 2,159,176 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 5,089,605 shares. The stock had previously closed at $33.42.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the company. Needham & Company LLC upped their price target on Unusual Machines from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Roth Mkm upped their price target on Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Unusual Machines presently has a consensus rating of “Buy” and a consensus price target of $27.33.
View Our Latest Analysis on UMAC
Unusual Machines Stock Up 11.9%
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). The company had revenue of $8.10 million during the quarter, compared to analysts’ expectations of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. On average, equities research analysts anticipate that Unusual Machines, Inc. will post -0.38 earnings per share for the current year.
Insider Buying and Selling
In related news, CRO Stacy Rochelle Wright sold 13,750 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $255,337.50. Following the completion of the transaction, the executive directly owned 96,250 shares in the company, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of the 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 completion of the transaction, the chief financial officer owned 352,650 shares of the company’s stock, valued at $6,245,431.50. The trade was a 29.84% decrease in their ownership of the stock. 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 three months, insiders sold 185,768 shares of company stock worth $3,322,537. Company insiders own 7.50% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the business. BlueCrest Capital Management Ltd purchased a new position in Unusual Machines in the third quarter worth approximately $2,168,000. Tudor Investment Corp ET AL grew its position in Unusual Machines by 201.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after acquiring an additional 806,359 shares during the period. FNY Investment Advisers LLC grew its position in Unusual Machines by 293.4% in the fourth quarter. FNY Investment Advisers LLC now owns 120,001 shares of the company’s stock worth $1,528,000 after acquiring an additional 89,500 shares during the period. Moody National Bank Trust Division purchased a new position in Unusual Machines in the fourth quarter worth approximately $549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Unusual Machines in the fourth quarter worth approximately $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.
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