Unusual Machines’ (UMAC) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a research report report published on Wednesday, Marketbeat.com reports. They currently have a $40.00 price target on the stock.

A number of other research analysts have also weighed in on the company. Piper Sandler assumed coverage on Unusual Machines in a report on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 target price on the stock. National Bank Financial set a $42.00 price target on Unusual Machines in a report on Wednesday, July 15th. HC Wainwright began coverage on Unusual Machines in a research report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target for the company. Finally, ThinkEquity reissued a “buy” rating on shares of Unusual Machines in a research report on Monday, August 17th. Six analysts have rated the stock with a Buy rating. According to MarketBeat.com, Unusual Machines presently has a consensus rating of “Buy” and an average price target of $37.00.

Unusual Machines Price Performance

UMAC opened at $20.83 on Wednesday. Unusual Machines has a fifty-two week low of $7.24 and a fifty-two week high of $34.93. The firm has a market capitalization of $1.04 billion, a PE ratio of -80.12 and a beta of 14.80. The company’s 50-day moving average is $24.62 and its 200 day moving average is $20.67.

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 business had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. As a group, analysts expect that Unusual Machines will post -0.67 EPS for the current year.

Insiders Place Their Bets

In other Unusual Machines news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $250,346.25. Following the transaction, the president owned 237,125 shares of the company’s stock, valued at $6,167,621.25. This trade represents a 3.90% decrease in their position. The transaction was disclosed in a 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, CRO Stacy Rochelle Wright sold 27,500 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $26.00, for a total value of $715,000.00. Following the completion of the transaction, the executive owned 68,750 shares in the company, valued at $1,787,500. The trade was a 28.57% 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 ninety days, insiders sold 48,538 shares of company stock valued at $1,262,198. Corporate insiders own 4.87% of the company’s stock.

Institutional Trading of Unusual Machines

Institutional investors and hedge funds have recently modified their holdings of the business. Granahan Investment Management LLC purchased a new stake in shares of Unusual Machines during the 4th quarter valued at $14,708,000. Wasatch Advisors LP purchased a new position in shares of Unusual Machines in the 2nd quarter worth about $8,087,000. Squarepoint Ops LLC purchased a new position in shares of Unusual Machines in the 2nd quarter worth about $4,872,000. Yorkville Advisors Global LP bought a new position in Unusual Machines during the first quarter valued at about $1,692,000. Finally, Bank of New York Mellon Corp bought a new position in Unusual Machines during the second quarter valued at about $2,999,000.

About Unusual Machines

Unusual Machines, Inc develops, manufactures and sells components and systems for drones, with a focus on first-person-view (FPV) aircraft and other small unmanned aerial systems. Its product offerings include drone motors, propellers, flight controllers, frames and related electronic components used by recreational, commercial and government customers.

The company also markets and distributes FPV drone products through its Rotor Riot brand, which serves the FPV community with aircraft, equipment, accessories and related content.