Unusual Machines (NYSEAMERICAN:UMAC) Upgraded at HC Wainwright

Unusual Machines (NYSEAMERICAN:UMAC) was upgraded by HC Wainwright to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

UMAC has been the subject of a number of other reports. Needham & Company LLC upped their target price 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. National Bank Financial set a $42.00 price target on Unusual Machines in a research note on Wednesday. Finally, Roth Capital boosted their price target on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $34.80.

Unusual Machines Price Performance

NYSEAMERICAN UMAC opened at $18.52 on Wednesday. Unusual Machines has a one year low of $7.24 and a one year high of $34.36. The firm has a market cap of $885.07 million, a P/E ratio of -44.09 and a beta of 14.84. The stock’s 50-day moving average is $21.14 and its 200-day moving average is $17.04.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) 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 business had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Equities analysts anticipate that Unusual Machines will post -0.72 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $26.96, for a total value of $404,400.00. Following the completion of the transaction, the director directly owned 4,794,392 shares of the company’s stock, valued at approximately $129,256,808.32. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Joseph Hoff sold 150,000 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the completion of the sale, the chief financial officer owned 352,650 shares of the company’s stock, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 280,000 shares of company stock valued at $6,477,200 in the last 90 days. 7.50% of the stock is currently owned by insiders.

Institutional Trading of Unusual Machines

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Unusual Machines by 89.1% during the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after acquiring an additional 105,020 shares during the period. Jump Financial LLC bought a new stake in Unusual Machines in the 2nd quarter valued at $1,251,000. Bank of America Corp DE raised its stake in 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 valued at $61,000 after acquiring an additional 7,004 shares during the period. Tower Research Capital LLC TRC raised its stake in Unusual Machines by 4,639.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after acquiring an additional 13,084 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Unusual Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after purchasing an additional 136,696 shares during 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.