Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7% After Insider Selling

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price dropped 7% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $23.80 and last traded at $24.03. Approximately 1,417,479 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 5,176,289 shares. The stock had previously closed at $25.85.

Specifically, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the sale, the director directly owned 4,794,392 shares of the company’s stock, valued at $129,256,808.32. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the completion of the transaction, the director owned 4,779,392 shares of the company’s stock, valued at $131,050,928.64. This trade represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. In other Unusual Machines news, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the sale, the president owned 246,750 shares in the company, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

UMAC has been the subject of a number of analyst reports. Roth Mkm upped their price objective on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC boosted their price target on shares of Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Unusual Machines presently has a consensus rating of “Buy” and an average target price of $30.00.

Unusual Machines Price Performance

The firm has a market capitalization of $1.09 billion, a PE ratio of -54.40 and a beta of 14.62. The company has a fifty day moving average of $17.41 and a 200-day moving average of $14.99.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its earnings results on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The firm had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Equities analysts anticipate that Unusual Machines, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Unusual Machines

A number of hedge funds have recently added to or reduced their stakes in UMAC. Granahan Investment Management LLC bought a new position in Unusual Machines during the fourth quarter valued at approximately $14,708,000. State Street Corp grew its position in Unusual Machines by 698.4% in the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after acquiring an additional 845,173 shares in the last quarter. Tudor Investment Corp ET AL increased its stake in shares of Unusual Machines by 201.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after purchasing an additional 806,359 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Unusual Machines during the 4th quarter worth $2,521,000. Finally, Sei Investments Co. bought a new position in shares of Unusual Machines during the 3rd quarter valued at $2,652,000.

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.