Unusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report)’s stock price shot up 7.6% during mid-day trading on Thursday . The company traded as high as $24.07 and last traded at $23.69. Approximately 686,546 shares traded hands during trading, a decline of 86% from the average daily volume of 4,800,521 shares. The stock had previously closed at $22.01.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on UMAC shares. National Bank Financial set a $42.00 price objective on Unusual Machines in a research report on Wednesday, July 15th. Piper Sandler assumed coverage on Unusual Machines in a report on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 target price on the stock. HC Wainwright initiated coverage on Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 target price on the stock. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. Finally, Needham & Company LLC lifted their price target on Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.
Check Out Our Latest Report on Unusual Machines
Unusual Machines Trading Down 2.9%
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.16). Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%.The company had revenue of $16.72 million during the quarter, compared to analyst estimates of $9.20 million. As a group, research analysts expect that Unusual Machines, Inc. will post -0.67 earnings per share for the current year.
Insider Buying and Selling
In related news, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $250,346.25. Following the transaction, the president directly owned 237,125 shares of the company’s stock, valued at approximately $6,167,621.25. The trade was a 3.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $296,852.13. Following the completion of the transaction, the chief financial officer owned 341,237 shares in the company, valued at approximately $8,875,574.37. This represents a 3.24% decrease in their position. 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 48,538 shares of company stock worth $1,262,198. 4.87% of the stock is owned by company insiders.
Institutional Trading of Unusual Machines
Several hedge funds and other institutional investors have recently modified their holdings of UMAC. IFP Advisors Inc boosted its position in Unusual Machines by 281.4% during the second quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock valued at $45,000 after purchasing an additional 1,500 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Unusual Machines in the 2nd quarter worth about $52,000. NFSG Corp purchased a new stake in shares of Unusual Machines during the 1st quarter worth about $37,000. Rockefeller Capital Management L.P. raised its stake in shares of Unusual Machines by 54.2% during the 4th 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 in the last quarter. Finally, Leonteq Securities AG acquired a new stake in shares of Unusual Machines during the 1st quarter valued at about $80,000.
About Unusual Machines
Unusual Machines, Inc is a U.S.-based drone technology company that develops, manufactures and distributes unmanned aircraft systems and components. Its product portfolio is focused primarily on the first-person-view (FPV) drone market and includes drones, motors, propellers, flight controllers, frames, electronic components and FPV goggles.
The company sells products under brands including Rotor Riot and Fat Shark. Rotor Riot is associated with FPV drones, parts and accessories, while Fat Shark is known for FPV video goggles and related equipment.
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