Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares gapped down prior to trading on Friday . The stock had previously closed at $18.60, but opened at $16.92. Unusual Machines shares last traded at $16.23, with a volume of 4,956,120 shares.

Analysts Set New Price Targets

UMAC has been the subject of several recent analyst reports. JonesTrading started coverage on Unusual Machines in a research note on Monday, December 1st. They issued a “buy” rating and a $20.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Unusual Machines in a report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Trading Down 15.2%

The firm has a market capitalization of $613.68 million, a PE ratio of -18.79 and a beta of 22.23. The firm’s fifty day moving average price is $15.49 and its 200 day moving average price is $13.10.

Insider Activity at Unusual Machines

In other Unusual Machines news, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $178,736.25. Following the completion of the sale, the president directly owned 356,375 shares of the company’s stock, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Brian Joseph Hoff sold 11,413 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.59, for a total transaction of $212,167.67. Following the transaction, the chief financial officer owned 514,062 shares in the company, valued at $9,556,412.58. This represents a 2.17% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 57,942 shares of company stock valued at $710,164. 7.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in UMAC. Ameritas Advisory Services LLC acquired a new position in Unusual Machines in the third quarter valued at about $38,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines in the 3rd quarter valued at about $40,000. Jones Financial Companies Lllp lifted its holdings in shares of Unusual Machines by 67.7% in the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after purchasing an additional 1,218 shares in the last quarter. Bank of America Corp DE grew its holdings 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 worth $61,000 after buying an additional 7,004 shares in the last quarter. Finally, Ankerstar Wealth LLC bought a new stake in shares of Unusual Machines in the fourth quarter worth $64,000.

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.