Unusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report)’s stock price shot up 13.4% on Tuesday . The company traded as high as $26.28 and last traded at $26.18. Approximately 2,421,075 shares changed hands during trading, a decline of 51% from the average daily volume of 4,930,071 shares. The stock had previously closed at $23.08.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on UMAC. HC Wainwright started coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target on the stock. Needham & Company LLC lifted their target price 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. Roth Capital upped their price target on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, National Bank Financial set a $42.00 price target on Unusual Machines in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Unusual Machines has an average rating of “Buy” and an average target price of $34.80.
Read Our Latest Analysis on UMAC
Unusual Machines Trading Up 15.6%
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last released its 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 for the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. Analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.
Insider Activity
In related 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 transaction of $2,656,500.00. Following the transaction, the chief financial officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction that occurred on 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. The trade was a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 280,000 shares of company stock worth $6,477,200. Company insiders own 7.50% of the company’s stock.
Hedge Funds Weigh In On Unusual Machines
A number of large investors have recently modified their holdings of UMAC. NFSG Corp bought a new stake in shares of Unusual Machines during the first quarter worth about $37,000. Wexford Capital LP bought a new position in Unusual Machines in the 3rd quarter valued at about $40,000. Bank of America Corp DE boosted its stake in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after purchasing an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC bought a new stake in Unusual Machines during the 4th quarter worth approximately $64,000. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after purchasing an additional 2,169 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.
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