Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down on Insider Selling

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $31.78, but opened at $30.07. Unusual Machines shares last traded at $29.19, with a volume of 2,951,108 shares trading hands.

Specifically, CFO Brian Joseph Hoff sold 150,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the transaction, the chief financial officer owned 352,650 shares of the company’s stock, valued at approximately $6,245,431.50. The trade was a 29.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Needham & Company LLC raised their price target on shares of Unusual Machines from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Roth Mkm initiated coverage on shares of Unusual Machines in a research report on Wednesday, May 13th. They set a “buy” rating and a $25.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Unusual Machines currently has an average rating of “Buy” and an average target price of $22.33.

Unusual Machines Trading Down 9.7%

The stock has a market cap of $1.37 billion, a P/E ratio of -68.31 and a beta of 14.63. The company’s fifty day simple moving average is $15.26 and its 200-day simple moving average is $13.95.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its earnings results on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). The business had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. As a group, analysts expect that Unusual Machines, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Trading of Unusual Machines

Several institutional investors have recently bought and sold shares of the stock. Tudor Investment Corp ET AL lifted its holdings in shares of Unusual Machines by 201.0% during the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock valued at $18,233,000 after acquiring an additional 806,359 shares during the period. Vanguard Group Inc. increased its position in shares of Unusual Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after purchasing an additional 136,696 shares in the last quarter. Granahan Investment Management LLC acquired a new stake in shares of Unusual Machines during the 4th quarter worth about $14,708,000. State Street Corp lifted its holdings in Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after purchasing an additional 845,173 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Unusual Machines by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after purchasing an additional 81,883 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.