Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7.4% – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price fell 7.4% during trading on Friday . The company traded as low as $18.91 and last traded at $19.19. 1,755,414 shares were traded during trading, a decline of 66% from the average daily volume of 5,133,760 shares. The stock had previously closed at $20.73.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Needham & Company LLC increased their price target on shares of Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Roth Capital upped their price objective on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $30.00.

Unusual Machines Stock Performance

The stock’s 50 day simple moving average is $20.79 and its two-hundred day simple moving average is $16.88. The firm has a market capitalization of $925.69 million, a PE ratio of -46.12 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15). The business had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. Equities research analysts expect that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the sale, the director owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Andrew Ross Camden sold 100,000 shares of the business’s 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 approximately $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 280,000 shares of company stock worth $6,477,200. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in UMAC. Caitong International Asset Management Co. Ltd grew its position in shares of 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 period. Rockefeller Capital Management L.P. grew its holdings in 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 purchasing an additional 2,169 shares during the period. Wexford Capital LP acquired a new position in Unusual Machines during the third quarter worth approximately $40,000. NFSG Corp purchased a new position in Unusual Machines during the first quarter worth approximately $37,000. Finally, IFC & Insurance Marketing Inc. raised its stake in Unusual Machines by 43.6% during the first quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock worth $134,000 after purchasing an additional 3,283 shares during the period.

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.