Unusual Machines (NYSEAMERICAN:UMAC) Trading 11% Higher – Still a Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price traded up 11% during trading on Thursday . The stock traded as high as $25.64 and last traded at $25.37. 1,065,288 shares were traded during trading, a decline of 79% from the average session volume of 5,181,284 shares. The stock had previously closed at $22.85.

Analysts Set New Price Targets

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

Unusual Machines Trading Up 8.4%

The stock has a market cap of $1.18 billion, a P/E ratio of -58.95 and a beta of 14.62. The company’s fifty day simple moving average is $17.41 and its 200-day simple moving average is $14.99.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings results 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 business had revenue of $8.10 million during the quarter, compared to the consensus estimate of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. As a group, analysts expect that Unusual Machines, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer owned 352,650 shares of the company’s stock, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 100,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction 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. Insiders sold a total of 315,768 shares of company stock worth $7,143,237 in the last quarter. 7.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised 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 valued at $1,911,000 after acquiring an additional 105,020 shares during the period. Jump Financial LLC acquired a new stake in shares of Unusual Machines in the 2nd quarter valued at approximately $1,251,000. Bank of America Corp DE raised its position in shares of Unusual Machines by 7,372.6% in the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after acquiring an additional 7,004 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Unusual Machines by 4,639.7% in the 2nd 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 during the period. Finally, Jones Financial Companies Lllp raised its position in shares of Unusual Machines by 67.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after acquiring an additional 1,218 shares during the period.

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.