Unusual Machines (NYSEAMERICAN:UMAC) Earns “Buy” Rating from Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report released on Wednesday, Marketbeat.com reports. They presently have a $40.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 87.00% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. HC Wainwright initiated coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 price objective on the stock. Piper Sandler assumed coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price objective for the company. Finally, National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research note on Wednesday, July 15th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $37.00.

Unusual Machines Stock Down 2.2%

Shares of UMAC stock opened at $21.39 on Wednesday. The stock’s 50-day moving average price is $24.63 and its 200 day moving average price is $20.66. The stock has a market capitalization of $1.07 billion, a PE ratio of -82.27 and a beta of 14.80. Unusual Machines has a 52-week low of $7.24 and a 52-week high of $34.93.

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 analysts’ consensus estimates of ($0.16). Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%.The company had revenue of $16.72 million during the quarter, compared to analysts’ expectations of $9.20 million. Analysts expect that Unusual Machines will post -0.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brian Joseph Hoff sold 11,413 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $296,852.13. Following the transaction, the chief financial officer directly owned 341,237 shares of the company’s stock, valued at $8,875,574.37. This represents a 3.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.00, for a total transaction of $715,000.00. Following the completion of the transaction, the executive owned 68,750 shares of the company’s stock, valued at $1,787,500. This represents a 28.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 48,538 shares of company stock worth $1,262,198. Corporate insiders own 4.87% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Baird Financial Group Inc. raised its holdings in Unusual Machines by 3.7% during the second quarter. Baird Financial Group Inc. now owns 21,250 shares of the company’s stock worth $474,000 after purchasing an additional 750 shares during the last quarter. IFP Advisors Inc grew its holdings in Unusual Machines by 281.4% in the second quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock valued at $45,000 after purchasing an additional 1,500 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock valued at $148,000 after purchasing an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after buying an additional 2,169 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Unusual Machines during the 2nd quarter worth $52,000.

About Unusual Machines

Unusual Machines, Inc develops, manufactures and sells components and systems for drones, with a focus on first-person-view (FPV) aircraft and other small unmanned aerial systems. Its product offerings include drone motors, propellers, flight controllers, frames and related electronic components used by recreational, commercial and government customers.

The company also markets and distributes FPV drone products through its Rotor Riot brand, which serves the FPV community with aircraft, equipment, accessories and related content.