Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 10.3% – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) fell 10.3% during mid-day trading on Thursday . The company traded as low as $13.33 and last traded at $13.33. 3,382,981 shares were traded during mid-day trading, a decline of 21% from the average session volume of 4,274,002 shares. The stock had previously closed at $14.86.

Analyst Ratings Changes

Several analysts have commented on the stock. JonesTrading started coverage on shares of Unusual Machines in a research report on Monday, December 1st. They set a “buy” rating and a $20.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Stock Down 10.0%

The firm has a market capitalization of $520.90 million, a price-to-earnings ratio of -15.92 and a beta of 22.23. The business’s fifty day moving average is $15.50 and its 200 day moving average is $13.29.

Insider Buying and Selling at Unusual Machines

In other news, CFO Brian Joseph Hoff sold 11,413 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.59, for a total transaction of $212,167.67. Following the completion of the transaction, the chief financial officer directly owned 514,062 shares of the company’s stock, valued at $9,556,412.58. This represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the transaction, the president directly owned 356,375 shares of the company’s stock, valued at $6,617,883.75. This represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 57,942 shares of company stock valued at $710,164 in the last 90 days. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors have recently bought and sold shares of UMAC. Ameritas Advisory Services LLC bought a new stake in Unusual Machines in the 3rd quarter valued at approximately $38,000. Wexford Capital LP bought a new position in shares of Unusual Machines during the 3rd quarter worth approximately $40,000. Jones Financial Companies Lllp grew its stake in shares of Unusual Machines by 67.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after acquiring an additional 1,218 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of 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 valued at $61,000 after purchasing an additional 7,004 shares during the last quarter. Finally, Ankerstar Wealth LLC acquired a new stake in shares of Unusual Machines in the fourth quarter valued at approximately $64,000.

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.