Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 8.8% on Analyst Upgrade

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was up 8.8% during mid-day trading on Wednesday after Piper Sandler upgraded the stock to a strong-buy rating. The stock traded as high as $28.45 and last traded at $28.26. Approximately 1,438,858 shares were traded during mid-day trading, a decline of 71% from the average session volume of 4,911,157 shares. The stock had previously closed at $25.97.

Several other analysts have also commented on UMAC. National Bank Financial set a $42.00 price target on Unusual Machines in a research note on Wednesday, July 15th. HC Wainwright assumed coverage on Unusual Machines in a research note on Wednesday, July 15th. They set a “buy” rating and a $42.00 price target on the stock. Roth Capital upped their price objective on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Needham & Company LLC increased their price target on shares of Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Unusual Machines presently has an average rating of “Buy” and a consensus target price of $37.00.

Insider Buying and Selling at Unusual Machines

In other news, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction dated 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 transaction, the president owned 246,750 shares in the company, valued at $7,414,837.50. The trade was a 28.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the transaction, the chief financial officer owned 352,650 shares in the company, valued at $6,245,431.50. This trade represents a 29.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 280,000 shares of company stock valued at $6,477,200. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UMAC. NFSG Corp acquired a new stake in shares of Unusual Machines during the first quarter worth $37,000. Wexford Capital LP acquired a new position in Unusual Machines in the 3rd quarter worth $40,000. Bank of America Corp DE increased its holdings in 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 worth $61,000 after purchasing an additional 7,004 shares in the last quarter. Ankerstar Wealth LLC bought a new position in Unusual Machines during the 4th quarter worth about $64,000. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Unusual Machines by 54.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after purchasing an additional 2,169 shares during the period.

Unusual Machines Trading Up 0.8%

The company has a 50 day simple moving average of $22.08 and a 200-day simple moving average of $18.04. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -104.77 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The company had revenue of $16.72 million during the quarter, compared to analysts’ expectations of $9.20 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. Equities analysts forecast that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

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.