Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on UMAC shares. Roth Mkm upped their price objective on Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC raised their price objective on Unusual Machines from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Unusual Machines has a consensus rating of “Buy” and an average price target of $27.33.

Unusual Machines Trading Down 9.4%

The firm has a 50 day moving average price of $16.93 and a 200-day moving average price of $14.78. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -55.74 and a beta of 14.63.

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

Insider Buying and Selling at Unusual Machines

In related news, CRO Stacy Rochelle Wright sold 13,750 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the sale, the executive owned 96,250 shares in the company, valued at approximately $1,787,362.50. This trade represents a 12.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $30.05, for a total value of $3,005,000.00. Following the completion of the transaction, the president owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 285,768 shares of company stock worth $6,327,537. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

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

About Unusual Machines

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.