Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 9.3% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price was down 9.3% on Wednesday . The company traded as low as $27.57 and last traded at $27.73. Approximately 1,208,560 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 5,002,798 shares. The stock had previously closed at $30.58.

Analyst Upgrades and Downgrades

UMAC has been the topic of a number of analyst reports. Needham & Company LLC increased their price objective on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Piper Sandler began coverage on Unusual Machines in a report on Wednesday, August 12th. They issued 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 report on Wednesday, July 15th. HC Wainwright initiated coverage on Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 target price for the company. Finally, ThinkEquity reiterated a “buy” rating on shares of Unusual Machines in a report on Monday. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Unusual Machines Trading Down 5.9%

The stock has a market cap of $1.44 billion, a P/E ratio of -110.65 and a beta of 14.92. The firm’s fifty day moving average is $22.45 and its 200 day moving average is $18.37.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.16). The company had revenue of $16.72 million during 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%. Research analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Unusual Machines news, President Andrew Ross Camden sold 100,000 shares of the firm’s stock in a transaction that occurred 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 sale, the president owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This trade represents a 28.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the completion of the sale, the chief financial officer directly owned 352,650 shares in the company, valued at $6,245,431.50. This trade represents a 29.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 280,000 shares of company stock valued at $6,477,200. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds have recently modified their holdings of UMAC. Wasatch Advisors LP acquired a new position in Unusual Machines during the 2nd quarter valued at $8,087,000. Empyrean Capital Partners LP bought a new position in shares of Unusual Machines during the 1st quarter worth about $620,000. Yorkville Advisors Global LP bought a new position in shares of Unusual Machines during the 1st quarter worth about $1,692,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Unusual Machines during the first quarter valued at about $817,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Unusual Machines during the fourth quarter valued at about $1,776,000.

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.