Wasatch Advisors LP Makes New Investment in Unusual Machines, Inc. $UMAC

Wasatch Advisors LP bought a new stake in Unusual Machines, Inc. (NYSEAMERICAN:UMAC) in the second quarter, HoldingsChannel.com reports. The fund bought 362,642 shares of the company’s stock, valued at approximately $8,087,000.

Other institutional investors also recently made changes to their positions in the company. NFSG Corp acquired a new stake in shares of Unusual Machines during the 1st quarter worth approximately $37,000. Wexford Capital LP acquired a new position in Unusual Machines during the 3rd quarter valued at approximately $40,000. Bank of America Corp DE grew its stake in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after buying an additional 7,004 shares during the last quarter. Ankerstar Wealth LLC bought a new position in Unusual Machines during the 4th quarter worth $64,000. Finally, Rockefeller Capital Management L.P. grew its stake in Unusual Machines by 54.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after buying an additional 2,169 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have issued reports on UMAC. Roth Capital raised their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC lifted their price objective on shares of Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. HC Wainwright assumed coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They set a “buy” rating and a $42.00 target price for the company. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research report on Wednesday, July 15th. Finally, Piper Sandler started coverage on shares of Unusual Machines in a research note on Wednesday. They issued an “overweight” rating and a $38.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $37.00.

Insider Transactions at Unusual Machines

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $27.42, for a total value of $411,300.00. Following the completion of the sale, the director owned 4,779,392 shares in the company, valued at $131,050,928.64. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Andrew Ross Camden sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $30.05, for a total value of $3,005,000.00. Following the transaction, 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. In the last 90 days, insiders have sold 280,000 shares of company stock valued at $6,477,200. Corporate insiders own 7.50% of the company’s stock.

Unusual Machines Price Performance

NYSEAMERICAN UMAC opened at $27.03 on Thursday. Unusual Machines, Inc. has a 12 month low of $7.24 and a 12 month high of $34.36. The firm has a market capitalization of $1.35 billion, a PE ratio of -103.96 and a beta of 14.92. The company’s 50 day simple moving average is $22.18 and its 200 day simple moving average is $17.96.

Unusual Machines (NYSEAMERICAN:UMAC) last released its earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.16). The firm had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. Sell-side analysts anticipate that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

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.