Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7.4% – Time to Sell?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price traded down 7.4% on Friday . The company traded as low as $18.91 and last traded at $19.19. 1,755,414 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 5,133,760 shares. The stock had previously closed at $20.73.

Wall Street Analyst Weigh In

UMAC has been the topic of a number of research reports. Needham & Company LLC raised their target price on shares of Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. Roth Capital upped their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One investment 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. According to MarketBeat, Unusual Machines presently has a consensus rating of “Buy” and an average price target of $30.00.

Unusual Machines Price Performance

The company’s fifty day simple moving average is $20.79 and its 200-day simple moving average is $16.88. The firm has a market capitalization of $925.69 million, a PE ratio of -46.12 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.21 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 for the quarter, compared to analysts’ expectations of $5.54 million. As a group, equities research analysts anticipate that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was 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 owned 352,650 shares of the company’s stock, valued at approximately $6,245,431.50. This trade represents a 29.84% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $3,005,000.00. Following the sale, the president owned 246,750 shares in the company, valued at $7,414,837.50. The trade was a 28.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is owned by insiders.

Institutional Trading of Unusual Machines

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in Unusual Machines by 89.1% during the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock valued at $1,911,000 after purchasing an additional 105,020 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Unusual Machines during the second quarter valued at $1,251,000. Bank of America Corp DE grew its holdings in shares of Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after buying an additional 7,004 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Unusual Machines by 4,639.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock worth $115,000 after acquiring an additional 13,084 shares during the period. Finally, Vanguard Group Inc. grew its stake 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.

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.