Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 13.4% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price was up 13.4% during trading on Friday . The stock traded as high as $16.81 and last traded at $16.78. Approximately 4,375,854 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 4,240,583 shares. The stock had previously closed at $14.80.

Analyst Ratings Changes

Several equities analysts have commented on UMAC shares. Roth Mkm started coverage on shares of Unusual Machines in a research note on Wednesday, May 13th. They issued a “buy” rating and a $25.00 price target for the company. Needham & Company LLC boosted their target price on shares of Unusual Machines from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. One equities research 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $22.33.

Unusual Machines Price Performance

The business’s 50 day moving average is $15.02 and its 200 day moving average is $13.54. The stock has a market cap of $801.92 million, a price-to-earnings ratio of -39.95 and a beta of 14.32.

Unusual Machines (NYSEAMERICAN:UMAC) last issued 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). The firm had revenue of $8.10 million for the quarter, compared to analyst estimates 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, analysts forecast that Unusual Machines, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.59, for a total transaction of $212,167.67. Following the completion of the transaction, the chief financial officer owned 514,062 shares in the company, valued at approximately $9,556,412.58. The trade was a 2.17% 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. Also, President Andrew Ross Camden sold 9,625 shares of the business’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 transaction, the president owned 356,375 shares of the company’s stock, valued at approximately $6,617,883.75. The trade was a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 35,768 shares of company stock worth $666,037. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Tudor Investment Corp ET AL lifted its position in Unusual Machines by 201.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock valued at $18,233,000 after acquiring an additional 806,359 shares during the last quarter. Vanguard Group Inc. lifted its position in Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after acquiring an additional 136,696 shares during the last quarter. Granahan Investment Management LLC purchased a new stake in Unusual Machines in the fourth quarter valued at $14,708,000. State Street Corp lifted its position in Unusual Machines by 698.4% in the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after acquiring an additional 845,173 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Unusual Machines by 29.5% in the fourth quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after acquiring an additional 81,883 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.