Unusual Machines Target of Unusually Large Options Trading (NYSEAMERICAN:UMAC)

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 16,309 call options on the stock. This is an increase of approximately 38% compared to the average volume of 11,811 call options.

Unusual Machines Trading Up 22.6%

UMAC stock traded up $6.16 during midday trading on Friday, hitting $33.40. The company had a trading volume of 12,192,458 shares, compared to its average volume of 4,968,956. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -128.46 and a beta of 14.92. Unusual Machines has a 52 week low of $7.24 and a 52 week high of $34.93. The stock’s 50 day moving average price is $22.08 and its 200 day moving average price is $18.04.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.16). The business had revenue of $16.72 million for the quarter, compared to analyst estimates of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. Analysts predict that Unusual Machines will post -0.72 earnings per share for the current year.

Insider Buying and Selling

In other Unusual Machines news, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $27.42, for a total value of $411,300.00. Following the sale, the director owned 4,779,392 shares of the company’s stock, valued at $131,050,928.64. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 completion of the sale, the president directly owned 246,750 shares in the company, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 280,000 shares of company stock worth $6,477,200. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Unusual Machines by 89.1% in the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after buying an additional 105,020 shares during the last quarter. Jump Financial LLC purchased a new stake in Unusual Machines in the second quarter worth $1,251,000. Bank of America Corp DE lifted its stake in Unusual Machines by 7,372.6% in 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 period. Tower Research Capital LLC TRC boosted its holdings in Unusual Machines by 4,639.7% in the second quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after acquiring an additional 13,084 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock valued at $17,558,000 after acquiring an additional 136,696 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages recently weighed in on UMAC. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research note on Wednesday, July 15th. Roth Capital increased their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Piper Sandler started coverage on shares of Unusual Machines in a report on Wednesday. They set an “overweight” rating and a $38.00 price objective for the company. Needham & Company LLC upped their target price on shares of Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, HC Wainwright began coverage on Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $37.00.

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.