Unusual Machines (NYSEAMERICAN:UMAC) Price Target Raised to $40.00

Unusual Machines (NYSEAMERICAN:UMAC) had its price target boosted by Needham & Company LLC from $30.00 to $40.00 in a research report released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other brokerages also recently commented on UMAC. Roth Capital increased their price objective on Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. HC Wainwright began coverage on Unusual Machines in a research note on Wednesday, July 15th. They set a “buy” rating and a $42.00 price objective for the company. Finally, National Bank Financial set a $42.00 target price on Unusual Machines in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $36.80.

Unusual Machines Price Performance

NYSEAMERICAN UMAC opened at $26.11 on Thursday. The company’s 50 day simple moving average is $22.41 and its 200 day simple moving average is $17.78. Unusual Machines has a 12 month low of $7.24 and a 12 month high of $34.36. The company has a market capitalization of $1.25 billion, a P/E ratio of -100.42 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last released its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, meeting the consensus estimate of ($0.16). The business had revenue of $16.72 million during the quarter, compared to analyst estimates of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 9.33%. On average, analysts anticipate that Unusual Machines will post -0.72 earnings per share for the current year.

Insider Buying and Selling

In other Unusual Machines news, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction that occurred on Wednesday, May 27th. The shares were 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 in the company, valued at approximately $6,245,431.50. The trade was a 29.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $26.96, for a total transaction of $404,400.00. Following the sale, the director directly owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. This trade represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 280,000 shares of company stock valued at $6,477,200. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

Several hedge funds and other institutional investors have recently modified their holdings of the business. NFSG Corp acquired a new position in Unusual Machines during the first quarter valued at $37,000. Wexford Capital LP purchased a new stake in Unusual Machines in the 3rd quarter worth about $40,000. Bank of America Corp DE boosted its position 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 worth $61,000 after acquiring an additional 7,004 shares during the period. Ankerstar Wealth LLC acquired a new stake in Unusual Machines during the 4th quarter worth about $64,000. Finally, Rockefeller Capital Management L.P. grew its stake in Unusual Machines by 54.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after acquiring an additional 2,169 shares in 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.