362,642 Shares in Unusual Machines, Inc. $UMAC Bought by Wasatch Advisors LP

Wasatch Advisors LP bought a new position in shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 362,642 shares of the company’s stock, valued at approximately $8,087,000. Wasatch Advisors LP owned approximately 0.76% of Unusual Machines at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Empyrean Capital Partners LP purchased a new position in shares of Unusual Machines in the first quarter valued at $620,000. Yorkville Advisors Global LP acquired a new stake in Unusual Machines during the 1st quarter valued at $1,692,000. Counterpoint Mutual Funds LLC purchased a new stake in Unusual Machines during the 1st quarter worth $817,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Unusual Machines during the 4th quarter worth $1,776,000. Finally, UBS Group AG lifted its holdings in Unusual Machines by 410.0% in the 4th quarter. UBS Group AG now owns 200,329 shares of the company’s stock worth $2,552,000 after buying an additional 161,048 shares in the last quarter.

Insider Activity at Unusual Machines

In related news, President Andrew Ross Camden sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the sale, the president directly owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. This represents a 28.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $27.42, for a total value of $411,300.00. Following the transaction, the director owned 4,779,392 shares in the company, valued at $131,050,928.64. This trade represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 280,000 shares of company stock valued at $6,477,200. Corporate insiders own 7.50% of the company’s stock.

Unusual Machines Stock Up 4.1%

Shares of Unusual Machines stock opened at $27.03 on Thursday. The firm has a market cap of $1.35 billion, a P/E ratio of -103.96 and a beta of 14.92. Unusual Machines, Inc. has a fifty-two week low of $7.24 and a fifty-two week high of $34.36. The business has a 50-day moving average price of $22.18 and a 200 day moving average price of $17.96.

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on UMAC. Roth Capital raised their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Piper Sandler began coverage on Unusual Machines in a research note on Wednesday. They issued an “overweight” rating and a $38.00 price target on the stock. Needham & Company LLC increased 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. HC Wainwright assumed coverage on Unusual Machines in a report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price target for the company. Finally, National Bank Financial set a $42.00 price objective on Unusual Machines in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $37.00.

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.