Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped up before the market opened on Tuesday . The stock had previously closed at $19.23, but opened at $20.90. Unusual Machines shares last traded at $21.30, with a volume of 2,289,475 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on UMAC. Needham & Company LLC raised their price objective on shares of Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Roth Mkm boosted their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $30.00.

Unusual Machines Price Performance

The firm has a market capitalization of $1.11 billion, a PE ratio of -55.28 and a beta of 14.84. The stock’s 50-day moving average price is $20.09 and its 200 day moving average price is $16.38.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly 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 net margin of 32.71% and a negative return on equity of 11.83%. The company had revenue of $8.10 million for the quarter, compared to the consensus estimate of $5.54 million. Equities research analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $6,245,431.50. This represents a 29.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $27.42, for a total transaction of $411,300.00. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in UMAC. Caitong International Asset Management Co. Ltd lifted its position in shares of Unusual Machines by 22.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock worth $148,000 after purchasing an additional 2,116 shares during the period. Rockefeller Capital Management L.P. boosted its stake in shares of Unusual Machines by 54.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after purchasing an additional 2,169 shares in the last quarter. Wexford Capital LP purchased a new position in Unusual Machines during the third quarter valued at approximately $40,000. NFSG Corp purchased a new position in Unusual Machines during the first quarter valued at approximately $37,000. Finally, IFC & Insurance Marketing Inc. raised its stake in Unusual Machines by 43.6% in the first quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock worth $134,000 after buying an additional 3,283 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.