Unusual Machines, Inc. $UMAC Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC reduced its position in Unusual Machines, Inc. (NYSEAMERICAN:UMAC) by 12.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,016,454 shares of the company’s stock after selling 138,051 shares during the period. Granahan Investment Management LLC’s holdings in Unusual Machines were worth $12,604,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. NFSG Corp acquired a new stake in shares of Unusual Machines in the 1st quarter worth $37,000. Wexford Capital LP purchased a new stake in Unusual Machines in the third quarter valued at about $40,000. Bank of America Corp DE grew its stake 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 acquiring an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC purchased a new stake in shares of Unusual Machines during the fourth quarter worth about $64,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Unusual Machines by 54.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after acquiring an additional 2,169 shares in the last quarter.

Unusual Machines Trading Down 10.0%

Shares of UMAC stock opened at $19.36 on Friday. The company has a market capitalization of $925.21 million, a P/E ratio of -46.09 and a beta of 14.84. The business’s 50 day moving average is $21.67 and its two-hundred day moving average is $17.31. Unusual Machines, Inc. has a 12-month low of $7.24 and a 12-month high of $34.36.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its earnings results 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). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The business had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. On average, research analysts predict that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines 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 owned 4,794,392 shares in the company, valued at $129,256,808.32. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Andrew Ross Camden sold 100,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the sale, the president directly owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This represents a 28.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 280,000 shares of company stock worth $6,477,200. Company insiders own 7.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research report on Wednesday, July 15th. HC Wainwright initiated coverage on Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price target for the company. Needham & Company LLC boosted their price target on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. Finally, Roth Capital raised their price objective on Unusual Machines to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $34.80.

Unusual Machines 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.