Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $12.40, but opened at $13.34. Unusual Machines shares last traded at $12.88, with a volume of 1,209,788 shares trading hands.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a “buy” rating and set 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 issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Trading Up 2.5%

The firm’s fifty day moving average is $15.01 and its 200 day moving average is $13.37. The company has a market cap of $495.18 million, a PE ratio of -15.13 and a beta of 22.23.

Insider Activity

In other news, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $178,736.25. Following the completion of the sale, the president owned 356,375 shares of the company’s stock, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the chief financial officer owned 514,062 shares of the company’s stock, valued at approximately $9,556,412.58. This trade represents a 2.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,768 shares of company stock worth $666,037 over the last 90 days. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

Institutional investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL increased its holdings in Unusual Machines by 201.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after purchasing an additional 806,359 shares during the period. Vanguard Group Inc. grew its holdings in shares of Unusual Machines by 13.3% during the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after purchasing an additional 136,696 shares during the last quarter. Granahan Investment Management LLC acquired a new stake in shares of Unusual Machines during the fourth quarter worth about $14,708,000. State Street Corp increased its position in shares of Unusual Machines by 698.4% during the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after purchasing an additional 845,173 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Unusual Machines by 29.5% in the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after purchasing an additional 81,883 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.