Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 9.3% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price was down 9.3% during mid-day trading on Wednesday . The stock traded as low as $27.57 and last traded at $27.73. 1,208,560 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 5,002,798 shares. The stock had previously closed at $30.58.

Analyst Ratings Changes

Several research firms have recently weighed in on UMAC. Roth Capital boosted their target price on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC lifted their price target on Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a report on Monday. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a research note on Wednesday, July 15th. Finally, Piper Sandler began coverage on Unusual Machines in a report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Unusual Machines currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Unusual Machines Price Performance

The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of -99.92 and a beta of 14.92. The business’s 50 day moving average price is $22.56 and its 200-day moving average price is $18.55.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, meeting analysts’ consensus estimates of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The firm had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. As a group, analysts expect that Unusual Machines, Inc. will post -0.67 earnings per share for the current fiscal year.

Insider Transactions at Unusual Machines

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $26.96, for a total value of $404,400.00. Following the completion of the sale, the director directly owned 4,794,392 shares of the company’s stock, valued at $129,256,808.32. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the completion of the sale, the chief financial officer owned 352,650 shares in the company, valued at approximately $6,245,431.50. This trade represents a 29.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 280,000 shares of company stock valued at $6,477,200. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Institutional investors have recently made changes to their positions in the stock. Wexford Capital LP purchased a new position in shares of Unusual Machines in the 3rd quarter valued at about $40,000. NFSG Corp acquired a new stake in shares of Unusual Machines in the first quarter valued at about $37,000. Ankerstar Wealth LLC purchased a new stake in Unusual Machines during the fourth quarter worth about $64,000. Rockefeller Capital Management L.P. boosted its holdings in Unusual Machines by 54.2% during the fourth 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 in the last quarter. Finally, Leonteq Securities AG acquired a new position in Unusual Machines during the first quarter worth about $80,000.

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.