Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 9.4% – Here’s Why
by Sarita Garza · The Markets DailyUnusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report)’s stock price traded down 9.4% during mid-day trading on Monday . The company traded as low as $22.45 and last traded at $22.62. 1,241,489 shares changed hands during trading, a decline of 76% from the average session volume of 5,178,515 shares. The stock had previously closed at $24.98.
Wall Street Analyst Weigh In
UMAC has been the topic of a number of research reports. Roth Mkm upped their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC lifted their price objective on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $30.00.
Get Our Latest Report on Unusual Machines
Unusual Machines Stock Performance
The stock’s 50-day simple moving average is $19.42 and its two-hundred day simple moving average is $15.98. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -51.21 and a beta of 14.62.
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. The business had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. As a group, research analysts predict that Unusual Machines, Inc. will post -0.3 earnings per share for the current year.
Insider Buying and Selling at Unusual Machines
In other news, President Andrew Ross Camden sold 100,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $30.05, for a total value of $3,005,000.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the completion of the sale, the chief financial officer owned 352,650 shares in the company, valued at approximately $6,245,431.50. The trade was a 29.84% 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. Insiders have sold 280,000 shares of company stock valued at $6,477,200 in the last 90 days. 7.50% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Unusual Machines
Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Unusual Machines by 89.1% in the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock valued at $1,911,000 after purchasing an additional 105,020 shares during the period. Jump Financial LLC bought a new position in shares of Unusual Machines during the 2nd quarter worth about $1,251,000. Bank of America Corp DE raised its position in shares of Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after buying an additional 7,004 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Unusual Machines by 4,639.7% during the second quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after buying an additional 13,084 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after buying an additional 136,696 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.