Unusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report) rose 7.9% on Tuesday . The stock traded as high as $18.82 and last traded at $18.75. Approximately 568,523 shares were traded during trading, a decline of 89% from the average session volume of 5,029,355 shares. The stock had previously closed at $17.38.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the company. National Bank Financial set a $42.00 price objective on Unusual Machines in a research note on Wednesday, July 15th. Roth Capital upped their target price on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. HC Wainwright initiated coverage on shares of Unusual Machines in a report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 target price on the stock. Finally, Needham & Company LLC lifted their price target on shares of Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Unusual Machines has a consensus rating of “Buy” and a consensus price target of $34.80.
Read Our Latest Stock Report on UMAC
Unusual Machines Stock Performance
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $8.10 million during the quarter, compared to analysts’ expectations of $5.54 million. As a group, sell-side analysts predict that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.
Insider Buying and Selling at Unusual Machines
In other Unusual Machines news, President Andrew Ross Camden sold 100,000 shares of the firm’s 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 owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer owned 352,650 shares of the company’s stock, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 280,000 shares of company stock worth $6,477,200 over the last 90 days. Corporate insiders own 7.50% of the company’s stock.
Institutional Trading of Unusual Machines
Several institutional investors and hedge funds have recently bought and sold shares of UMAC. Wasatch Advisors LP acquired a new stake in Unusual Machines during the 2nd quarter worth $8,087,000. IFC & Insurance Marketing Inc. increased its stake in Unusual Machines by 30.7% in the second quarter. IFC & Insurance Marketing Inc. now owns 14,140 shares of the company’s stock valued at $315,000 after purchasing an additional 3,319 shares during the period. Bank of America Corp DE increased its stake in Unusual Machines by 213.2% in the first quarter. Bank of America Corp DE now owns 38,963 shares of the company’s stock valued at $483,000 after purchasing an additional 26,524 shares during the period. Royal Bank of Canada increased its stake in Unusual Machines by 27.8% in the first quarter. Royal Bank of Canada now owns 68,382 shares of the company’s stock valued at $848,000 after purchasing an additional 14,895 shares during the period. Finally, Empyrean Capital Partners LP purchased a new stake in shares of Unusual Machines in the first quarter valued at about $620,000.
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.
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