Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7.2% – Time to Sell?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) fell 7.2% during mid-day trading on Friday . The company traded as low as $14.64 and last traded at $14.77. 2,941,607 shares traded hands during trading, a decline of 32% from the average session volume of 4,308,711 shares. The stock had previously closed at $15.91.

Analysts Set New Price Targets

Separately, Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Price Performance

The stock’s 50 day simple moving average is $14.70 and its two-hundred day simple moving average is $13.45. The stock has a market cap of $548.95 million, a P/E ratio of -16.77 and a beta of 19.89.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of Unusual Machines stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $255,337.50. Following the transaction, the executive owned 96,250 shares of the company’s stock, valued at approximately $1,787,362.50. The trade was a 12.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction that occurred on Monday, March 16th. The shares were 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 in the company, valued at approximately $9,556,412.58. The trade was a 2.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 35,768 shares of company stock valued at $666,037. 7.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of UMAC. Granahan Investment Management LLC bought a new position in Unusual Machines in the fourth quarter valued at approximately $14,708,000. State Street Corp lifted its stake 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 buying an additional 845,173 shares in the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of 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 last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Unusual Machines in the fourth quarter valued at approximately $2,521,000. Finally, Sei Investments Co. acquired a new stake in shares of Unusual Machines in the third quarter valued at 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.