Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 10% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price fell 10% during trading on Thursday . The stock traded as low as $16.64 and last traded at $16.67. Approximately 1,753,514 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 5,089,894 shares. The stock had previously closed at $18.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Needham & Company LLC boosted their price objective on Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. HC Wainwright initiated coverage on Unusual Machines in a report on Wednesday. They set a “buy” rating and a $42.00 price target on the stock. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a research report on Wednesday. Finally, Roth Capital upped their price objective on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $34.80.

Unusual Machines Stock Performance

The stock has a market cap of $800.96 million, a PE ratio of -39.90 and a beta of 14.84. The company’s 50-day moving average price is $21.14 and its 200 day moving average price is $17.04.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.15). The business had revenue of $8.10 million during the quarter, compared to analysts’ expectations of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. As a group, equities research analysts predict that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jeffrey M. Thompson sold 15,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $26.96, for a total value of $404,400.00. Following the sale, the director directly owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. The trade was a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 352,650 shares in the company, valued at $6,245,431.50. The trade was a 29.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 280,000 shares of company stock valued at $6,477,200 in the last quarter. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wasatch Advisors LP acquired a new position in shares of Unusual Machines in the 2nd quarter worth approximately $8,087,000. IFC & Insurance Marketing Inc. increased its holdings in Unusual Machines by 30.7% in the 2nd quarter. IFC & Insurance Marketing Inc. now owns 14,140 shares of the company’s stock valued at $315,000 after purchasing an additional 3,319 shares during the last quarter. Bank of America Corp DE raised its position in Unusual Machines by 213.2% in the first quarter. Bank of America Corp DE now owns 38,963 shares of the company’s stock valued at $483,000 after purchasing an additional 26,524 shares during the period. Royal Bank of Canada raised its position in Unusual Machines by 27.8% in the first quarter. Royal Bank of Canada now owns 68,382 shares of the company’s stock valued at $848,000 after purchasing an additional 14,895 shares during the period. Finally, Empyrean Capital Partners LP acquired a new position in Unusual Machines during the first quarter worth $620,000.

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.