Unusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report) traded down 8.5% during trading on Friday . The company traded as low as $19.59 and last traded at $19.69. 1,183,940 shares were traded during trading, a decline of 76% from the average session volume of 5,006,735 shares. The stock had previously closed at $21.52.
Analysts Set New Price Targets
Several research firms have recently weighed in on UMAC. Needham & Company LLC lifted their price objective 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 raised their target price on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. HC Wainwright started coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, National Bank Financial set a $42.00 price target on shares of Unusual Machines in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Unusual Machines currently has a consensus rating of “Buy” and an average price target of $34.80.
Read Our Latest Stock Report on UMAC
Unusual Machines Stock Down 7.4%
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last issued its quarterly 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). The business had revenue of $8.10 million for the quarter, compared to the consensus estimate of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. As a group, equities analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.
Insider Activity at Unusual Machines
In other Unusual Machines news, CFO Brian Joseph Hoff sold 150,000 shares of the company’s 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 sale, the chief financial officer owned 352,650 shares in the company, valued at $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the completion of the sale, the director directly owned 4,779,392 shares of the company’s stock, valued at approximately $131,050,928.64. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 280,000 shares of company stock worth $6,477,200. Insiders own 7.50% of the company’s stock.
Institutional Investors Weigh In On Unusual Machines
Hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its stake in shares of Unusual Machines by 22.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock worth $148,000 after buying an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. grew 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 valued at $79,000 after buying an additional 2,169 shares during the last quarter. Wexford Capital LP bought a new position in Unusual Machines in the 3rd quarter valued at about $40,000. NFSG Corp bought a new position in Unusual Machines in the 1st quarter valued at about $37,000. Finally, IFC & Insurance Marketing Inc. lifted its position in Unusual Machines by 43.6% during the first quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock worth $134,000 after acquiring an additional 3,283 shares during 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.
Featured Articles
- Five stocks we like better than Unusual Machines
- AMD and Cerbras Create A New Blueprint For Hardware
- Intel Earnings Reveal Whether the Chip Selloff Created a Buy
- CrowdStrike’s Cerebras Deal Puts Its AI Security Strategy to the Test
- Plugging In: How Kinder Morgan Powers Up Profits
Receive News & Ratings for Unusual Machines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Unusual Machines and related companies with MarketBeat.com's FREE daily email newsletter.
