Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 9.3% – Still a Buy?

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) rose 9.3% during mid-day trading on Wednesday . The stock traded as high as $24.71 and last traded at $24.37. 2,026,874 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 5,187,555 shares. The stock had previously closed at $22.30.

Analyst Upgrades and Downgrades

A number of brokerages have commented on UMAC. Roth Mkm increased their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC lifted their price target on Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $30.00.

Unusual Machines Price Performance

The stock has a market capitalization of $1.06 billion, a PE ratio of -52.57 and a beta of 14.84. The company’s 50 day moving average price is $20.22 and its two-hundred day moving average price is $16.46.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. The business had revenue of $8.10 million for the quarter, compared to analysts’ expectations of $5.54 million. Analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

Insider Activity

In related news, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines 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 owned 352,650 shares in the company, valued at approximately $6,245,431.50. This trade represents a 29.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $30.05, for a total value of $3,005,000.00. Following the transaction, the president directly owned 246,750 shares in the company, valued at $7,414,837.50. This trade represents a 28.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 280,000 shares of company stock worth $6,477,200 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its position 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 valued at $148,000 after acquiring an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in Unusual Machines by 54.2% during 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. Wexford Capital LP purchased a new position in Unusual Machines during the third quarter worth about $40,000. NFSG Corp purchased a new position in Unusual Machines during the first quarter worth about $37,000. Finally, IFC & Insurance Marketing Inc. boosted its holdings in Unusual Machines by 43.6% in the 1st quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock valued at $134,000 after purchasing 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.