Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped up before the market opened on Friday . The stock had previously closed at $27.24, but opened at $31.83. Unusual Machines shares last traded at $30.09, with a volume of 3,892,926 shares.

Wall Street Analyst Weigh In

UMAC has been the topic of a number of recent analyst reports. Roth Capital increased their price objective on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Needham & Company LLC boosted their target price on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Piper Sandler began coverage on Unusual Machines in a research report on Wednesday. They set an “overweight” rating and a $38.00 target price for the company. National Bank Financial set a $42.00 target price on Unusual Machines in a research note on Wednesday, July 15th. Finally, HC Wainwright began coverage on Unusual Machines in a report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $37.00.

Unusual Machines Price Performance

The firm has a market capitalization of $1.58 billion, a P/E ratio of -121.35 and a beta of 14.92. The firm has a 50-day moving average price of $22.08 and a two-hundred day moving average price of $18.04.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). The firm had revenue of $16.72 million for the quarter, compared to analysts’ expectations of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. Sell-side analysts predict that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Unusual Machines

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $27.42, for a total transaction of $411,300.00. Following the transaction, the director directly owned 4,779,392 shares of the company’s stock, valued at approximately $131,050,928.64. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the sale, the president directly owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This represents a 28.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 280,000 shares of company stock valued at $6,477,200 in the last three months. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. NFSG Corp purchased a new position in Unusual Machines during the 1st quarter worth $37,000. Wexford Capital LP bought a new stake in Unusual Machines during the 3rd quarter valued at $40,000. Bank of America Corp DE lifted its holdings in shares of Unusual Machines by 7,372.6% in the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after buying an additional 7,004 shares during the period. Ankerstar Wealth LLC purchased a new stake in shares of Unusual Machines in the 4th quarter worth $64,000. Finally, Rockefeller Capital Management L.P. grew its position 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 buying an additional 2,169 shares in the last quarter.

Unusual Machines Company Profile

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.