Unusual Machines (NYSEAMERICAN:UMAC) Upgraded to “Strong-Buy” at Piper Sandler

Piper Sandler upgraded shares of Unusual Machines (NYSEAMERICAN:UMAC) to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

UMAC has been the subject of a number of other research reports. National Bank Financial set a $42.00 target price on Unusual Machines in a report on Wednesday, July 15th. Roth Capital boosted their price target on Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC upped their price target on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, HC Wainwright initiated coverage on Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price objective on the stock. Two research 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $37.00.

Unusual Machines Stock Up 4.1%

NYSEAMERICAN:UMAC opened at $27.03 on Wednesday. The company’s 50 day moving average price is $22.18 and its 200-day moving average price is $17.96. Unusual Machines has a 52 week low of $7.24 and a 52 week high of $34.36. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -103.96 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, meeting the consensus estimate of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The company had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. As a group, sell-side analysts anticipate that Unusual Machines will post -0.72 earnings per share for the current year.

Insider Buying and Selling

In other Unusual Machines 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 transaction of $3,005,000.00. Following the completion of the sale, the president directly owned 246,750 shares in the company, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the transaction, the director directly owned 4,779,392 shares in the company, valued at $131,050,928.64. The trade was a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have 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

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in Unusual Machines by 89.1% in the second quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after purchasing an additional 105,020 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Unusual Machines during the 2nd quarter valued at about $1,251,000. Bank of America Corp DE increased its position in shares of Unusual Machines by 7,372.6% during the 2nd 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. Tower Research Capital LLC TRC increased its position in shares of 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 valued at $115,000 after purchasing an additional 13,084 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Unusual Machines by 13.3% in the 3rd 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 period.

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.