Unusual Machines (NYSEAMERICAN:UMAC) Trading 10.7% Higher – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded up 10.7% on Monday . The stock traded as high as $15.07 and last traded at $14.85. 1,561,136 shares were traded during mid-day trading, a decline of 63% from the average session volume of 4,163,499 shares. The stock had previously closed at $13.42.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a research note on Wednesday, April 22nd. One research 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. Based on data from MarketBeat, Unusual Machines currently has an average rating of “Buy” and an average price target of $20.00.

Unusual Machines Price Performance

The stock has a market capitalization of $597.65 million, a PE ratio of -18.26 and a beta of 14.32. The business has a 50 day moving average price of $15.14 and a 200 day moving average price of $13.44.

Insider Transactions at Unusual Machines

In other news, President Andrew Ross Camden sold 9,625 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the transaction, the president directly owned 356,375 shares of the company’s stock, valued at $6,617,883.75. This represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian Joseph Hoff sold 11,413 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 35,768 shares of company stock valued at $666,037. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of UMAC. Granahan Investment Management LLC bought a new position in Unusual Machines in the fourth 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 valued at $12,309,000 after acquiring an additional 845,173 shares during the period. Tudor Investment Corp ET AL lifted its holdings 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. purchased a new stake in Unusual Machines in the fourth quarter worth about $2,521,000. Finally, Sei Investments Co. purchased a new stake in Unusual Machines in the third quarter worth about $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.