Unusual Machines (NYSEAMERICAN:UMAC) Hits New 1-Year High – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMACGet Free Report)’s share price reached a new 52-week high on Thursday . The company traded as high as $28.18 and last traded at $27.14, with a volume of 9872789 shares changing hands. The stock had previously closed at $18.83.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on UMAC. Roth Mkm began coverage on shares of Unusual Machines in a report on Wednesday, May 13th. They issued a “buy” rating and a $25.00 price objective for the company. Needham & Company LLC raised their target price on Unusual Machines from $20.00 to $22.00 and gave the company a “buy” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $22.33.

Get Our Latest Research Report on Unusual Machines

Unusual Machines Stock Performance

The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -64.62 and a beta of 14.32. The business’s 50 day moving average is $14.86 and its 200-day moving average is $13.67.

Unusual Machines (NYSEAMERICAN:UMACGet Free Report) last released its earnings results on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The firm had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. Equities research analysts forecast that Unusual Machines, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Unusual Machines

In other 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 sale, the executive directly owned 96,250 shares of the company’s stock, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the completion of the sale, the president owned 356,375 shares in the company, valued at approximately $6,617,883.75. The trade was a 2.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,768 shares of company stock worth $666,037 over the last three months. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UMAC. Tudor Investment Corp ET AL grew its position in Unusual Machines by 201.0% during the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after buying an additional 806,359 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Unusual Machines by 13.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after acquiring an additional 136,696 shares during the period. Granahan Investment Management LLC bought a new stake in shares of Unusual Machines in the 4th quarter worth approximately $14,708,000. State Street Corp grew its holdings in shares of Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after purchasing an additional 845,173 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Unusual Machines by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock worth $4,587,000 after purchasing an additional 81,883 shares in the last quarter.

About Unusual Machines

(Get Free Report)

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.

Further Reading

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