Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 12.2% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price shot up 12.2% during trading on Thursday . The stock traded as high as $14.08 and last traded at $13.85. 2,184,192 shares were traded during trading, a decline of 50% from the average session volume of 4,333,468 shares. The stock had previously closed at $12.34.

Analyst Ratings Changes

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Unusual Machines in a 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Stock Performance

The company has a market capitalization of $529.86 million, a P/E ratio of -16.19 and a beta of 19.89. The stock has a 50 day moving average price of $14.76 and a 200 day moving average price of $13.38.

Insider Buying and Selling

In other Unusual Machines 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 value of $178,736.25. Following the transaction, the president directly owned 356,375 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction dated 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 owned 514,062 shares in the company, valued at approximately $9,556,412.58. The trade was a 2.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 35,768 shares of company stock worth $666,037. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL lifted 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 purchasing an additional 806,359 shares during the last quarter. Vanguard Group Inc. increased its position in Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after buying an additional 136,696 shares during the last quarter. Granahan Investment Management LLC bought a new stake in shares of Unusual Machines in the fourth quarter valued at $14,708,000. State Street Corp raised its stake in shares of 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 during the period. Finally, Geode Capital Management LLC lifted its position in shares of Unusual Machines by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after buying 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.