Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 9.9% – Here’s What Happened

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded up 9.9% on Tuesday . The stock traded as high as $20.54 and last traded at $20.45. 3,204,407 shares traded hands during trading, a decline of 20% from the average session volume of 4,029,899 shares. The stock had previously closed at $18.61.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. JonesTrading initiated coverage on Unusual Machines in a research note on Monday, December 1st. They issued a “buy” rating and a $20.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Unusual Machines presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Stock Down 5.0%

The stock has a market capitalization of $742.80 million, a PE ratio of -22.74 and a beta of 22.23. The firm has a 50 day moving average price of $15.42 and a 200-day moving average price of $13.06.

Insider Buying and Selling

In related news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the completion of the transaction, the president directly owned 356,375 shares in the company, valued at approximately $6,617,883.75. This trade represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Stacy Rochelle Wright sold 13,750 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $255,337.50. Following the completion of the transaction, the executive directly owned 96,250 shares of the company’s stock, valued at $1,787,362.50. The trade was a 12.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 57,942 shares of company stock worth $710,164. 7.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its position in Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after buying an additional 1,218 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Unusual Machines by 22.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock worth $148,000 after acquiring an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of 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 acquiring an additional 2,169 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Unusual Machines during the 3rd quarter valued at about $38,000. Finally, Wexford Capital LP purchased a new stake in shares of Unusual Machines in the third quarter valued at about $40,000.

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.