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

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) 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 changing hands.

Analyst Ratings Changes

Separately, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Unusual Machines in a report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Unusual Machines has an average rating of “Buy” and an average target price of $20.00.

Unusual Machines Price Performance

The stock has a market cap of $495.18 million, a price-to-earnings ratio of -15.13 and a beta of 22.23. The stock’s 50-day moving average is $15.01 and its 200-day moving average is $13.37.

Insider Buying and Selling

In other news, CFO Brian Joseph Hoff sold 11,413 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $9,556,412.58. This represents a 2.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Stacy Rochelle Wright sold 13,750 shares of the business’s 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 completion of the sale, the executive owned 96,250 shares of the company’s stock, valued at $1,787,362.50. This trade represents a 12.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,768 shares of company stock valued at $666,037 in the last quarter. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Granahan Investment Management LLC bought a new stake in shares of Unusual Machines during the 4th quarter valued at about $14,708,000. State Street Corp lifted its holdings in Unusual Machines by 698.4% in the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after acquiring an additional 845,173 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in 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 acquiring an additional 806,359 shares during the period. Alyeska Investment Group L.P. acquired a new position in Unusual Machines during the 4th quarter valued at approximately $2,521,000. Finally, Sei Investments Co. acquired a new position in Unusual Machines during the 3rd quarter worth $2,652,000.

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.