Unusual Machines (NYSEAMERICAN:UMAC) Trading 10.7% Higher – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price shot up 10.7% during mid-day trading on Monday . The stock traded as high as $15.07 and last traded at $14.85. 1,561,136 shares were traded during trading, a decline of 63% from the average session volume of 4,163,499 shares. The stock had previously closed at $13.42.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Unusual Machines in a research report on Wednesday, April 22nd. One 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Stock Performance

The firm has a market cap of $597.65 million, a PE ratio of -18.26 and a beta of 14.32. The firm has a fifty day simple moving average of $15.14 and a two-hundred day simple moving average of $13.44.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, President Andrew Ross Camden sold 9,625 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian Joseph Hoff sold 11,413 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following the transaction, the chief financial officer owned 514,062 shares of the company’s stock, valued at $9,556,412.58. This represents a 2.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 35,768 shares of company stock worth $666,037 in the last quarter. 7.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors have recently modified their holdings of the stock. Ameritas Advisory Services LLC bought a new stake in shares of Unusual Machines during the 3rd quarter worth approximately $38,000. Wexford Capital LP bought a new stake in shares of Unusual Machines during the 3rd quarter worth approximately $40,000. NFSG Corp bought a new stake in shares of Unusual Machines during the 1st quarter worth approximately $37,000. Jones Financial Companies Lllp lifted its stake in shares of Unusual Machines by 67.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after acquiring an additional 1,218 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new stake in shares of Unusual Machines during the 3rd quarter worth approximately $76,000.

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.