Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 4.7% – Time to Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price shot up 4.7% during trading on Thursday . The stock traded as high as $23.79 and last traded at $23.75. 1,157,447 shares were traded during mid-day trading, a decline of 76% from the average session volume of 4,735,973 shares. The stock had previously closed at $22.69.

Wall Street Analyst Weigh In

A number of research firms have commented on UMAC. ThinkEquity reissued a “buy” rating on shares of Unusual Machines in a research note on Monday, August 17th. Needham & Company LLC upped their target price on shares of Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Piper Sandler assumed coverage on Unusual Machines in a research note on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price target on the stock. National Bank Financial set a $42.00 price objective on Unusual Machines in a research report on Wednesday, July 15th. Finally, Roth Capital boosted their price objective on Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Unusual Machines Stock Up 4.6%

The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -91.31 and a beta of 14.78. The business’s fifty day moving average is $23.75 and its 200 day moving average is $20.35.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The business had revenue of $16.72 million during the quarter, compared to analysts’ expectations of $9.20 million. Equities research analysts expect that Unusual Machines, Inc. will post -0.67 EPS for the current year.

Insider Buying and Selling at Unusual Machines

In related news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $250,346.25. Following the completion of the sale, the president owned 237,125 shares of the company’s stock, valued at approximately $6,167,621.25. The trade was a 3.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.00, for a total transaction of $715,000.00. Following the completion of the transaction, the executive owned 68,750 shares in the company, valued at approximately $1,787,500. This trade represents a 28.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 48,538 shares of company stock worth $1,262,198 over the last ninety days. Insiders own 4.87% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in UMAC. Wasatch Advisors LP acquired a new stake in shares of Unusual Machines during the 2nd quarter worth approximately $8,087,000. Concurrent Investment Advisors LLC bought a new stake in shares of Unusual Machines during the second quarter worth about $1,446,000. Empyrean Capital Partners LP acquired a new position in shares of Unusual Machines in the first quarter valued at approximately $620,000. Yorkville Advisors Global LP bought a new position in Unusual Machines in the 1st quarter valued at approximately $1,692,000. Finally, Bank of New York Mellon Corp acquired a new stake in Unusual Machines during the 2nd quarter worth approximately $2,999,000.

About Unusual Machines

Unusual Machines, Inc is a U.S.-based drone technology company that develops, manufactures and distributes unmanned aircraft systems and components. Its product portfolio is focused primarily on the first-person-view (FPV) drone market and includes drones, motors, propellers, flight controllers, frames, electronic components and FPV goggles.

The company sells products under brands including Rotor Riot and Fat Shark. Rotor Riot is associated with FPV drones, parts and accessories, while Fat Shark is known for FPV video goggles and related equipment.