Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 8.8% on Analyst Upgrade

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was up 8.8% during mid-day trading on Wednesday after Piper Sandler upgraded the stock to a strong-buy rating. The company traded as high as $28.45 and last traded at $28.26. Approximately 1,438,858 shares changed hands during trading, a decline of 71% from the average daily volume of 4,911,157 shares. The stock had previously closed at $25.97.

A number of other equities research analysts have also recently issued reports on the stock. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a report on Wednesday, July 15th. Roth Capital increased their target price on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. HC Wainwright began coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They set a “buy” rating and a $42.00 target price for the company. Finally, Needham & Company LLC lifted their price objective on shares of Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Unusual Machines presently has a consensus rating of “Buy” and an average target price of $37.00.

Insider Transactions at Unusual Machines

In related news, 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 sale, the president owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the transaction, the director directly owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. This represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 280,000 shares of company stock valued at $6,477,200 in the last 90 days. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Large investors have recently bought and sold shares of the stock. NFSG Corp acquired a new position in shares of Unusual Machines during the first quarter worth about $37,000. Wexford Capital LP purchased a new position in Unusual Machines in the third quarter worth approximately $40,000. Bank of America Corp DE lifted its stake in Unusual Machines by 7,372.6% in the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after acquiring an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC acquired a new position in Unusual Machines during the 4th quarter worth approximately $64,000. Finally, Rockefeller Capital Management L.P. grew its holdings in Unusual Machines by 54.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after acquiring an additional 2,169 shares in the last quarter.

Unusual Machines Stock Performance

The stock’s 50-day simple moving average is $22.08 and its 200 day simple moving average is $18.04. The company has a market capitalization of $1.36 billion, a PE ratio of -104.77 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The firm had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. On average, analysts expect that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

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.