Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 7% After Insider Selling

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded down 7% on Tuesday after an insider sold shares in the company. The stock traded as low as $23.80 and last traded at $24.03. 1,417,479 shares were traded during trading, a decline of 73% from the average session volume of 5,176,289 shares. The stock had previously closed at $25.85.

Specifically, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction on Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the transaction, the director owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $27.42, for a total transaction of $411,300.00. Following the sale, the director owned 4,779,392 shares in the company, valued at approximately $131,050,928.64. The trade was a 0.31% decrease in their position. The SEC filing for this sale provides additional information. In other Unusual Machines news, 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 value of $3,005,000.00. Following the completion of the transaction, the president owned 246,750 shares of the company’s stock, valued at approximately $7,414,837.50. The trade was a 28.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Needham & Company LLC increased their price objective on shares of Unusual Machines from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday. Roth Mkm increased their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Unusual Machines has an average rating of “Buy” and a consensus target price of $30.00.

Unusual Machines Stock Up 3.6%

The company has a market capitalization of $1.13 billion, a P/E ratio of -56.36 and a beta of 14.62. The company has a 50 day simple moving average of $17.41 and a two-hundred day simple moving average of $14.99.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.15). The firm had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. As a group, research analysts expect that Unusual Machines, Inc. will post -0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently modified their holdings of UMAC. Geode Capital Management LLC increased its stake in Unusual Machines by 89.1% during 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 in the last quarter. Jump Financial LLC acquired a new stake in Unusual Machines during the 2nd quarter worth $1,251,000. Bank of America Corp DE grew its holdings 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 buying an additional 7,004 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of 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 buying an additional 13,084 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Unusual Machines by 67.7% in the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after buying an additional 1,218 shares during the last quarter.

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.