Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 10.3% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) dropped 10.3% during mid-day trading on Thursday . The company traded as low as $13.33 and last traded at $13.33. Approximately 3,382,981 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 4,274,002 shares. The stock had previously closed at $14.86.

Analyst Ratings Changes

A number of analysts have weighed in on UMAC shares. JonesTrading initiated coverage on Unusual Machines in a report on Monday, December 1st. They set a “buy” rating and a $20.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Unusual Machines in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $20.00.

Unusual Machines Trading Down 12.4%

The firm has a market cap of $458.95 million, a P/E ratio of -14.02 and a beta of 22.23. The company’s 50-day moving average is $15.28 and its two-hundred day moving average is $13.31.

Insider Activity at Unusual Machines

In other news, President Andrew Ross Camden sold 9,625 shares of the firm’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 transaction of $178,736.25. Following the completion of the sale, the president owned 356,375 shares in the company, valued at $6,617,883.75. This trade represents a 2.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Stacy Rochelle Wright sold 13,750 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $255,337.50. Following the completion of the sale, the executive directly owned 96,250 shares of the company’s stock, valued at $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 57,942 shares of company stock valued at $710,164. 7.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Unusual Machines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlueCrest Capital Management Ltd purchased a new position in shares of Unusual Machines during the 3rd quarter valued at about $2,168,000. Tudor Investment Corp ET AL lifted its position in Unusual Machines by 201.0% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after buying an additional 806,359 shares during the last quarter. Kieckhefer Group LLC boosted its stake in Unusual Machines by 330.6% in the third quarter. Kieckhefer Group LLC now owns 62,000 shares of the company’s stock worth $936,000 after buying an additional 47,600 shares in the last quarter. Moody National Bank Trust Division purchased a new stake in Unusual Machines in the fourth quarter worth approximately $549,000. Finally, Allworth Financial LP grew its position in Unusual Machines by 105.9% during the third quarter. Allworth Financial LP now owns 29,948 shares of the company’s stock valued at $452,000 after acquiring an additional 15,405 shares during the last quarter.

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.