Needham & Company LLC Issues Pessimistic Forecast for Unusual Machines (NYSEAMERICAN:UMAC) Stock Price

Unusual Machines (NYSEAMERICAN:UMAC) had its price objective dropped by Needham & Company LLC from $40.00 to $22.00 in a report released on Friday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s price objective suggests a potential upside of 104.84% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on UMAC. HC Wainwright started coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price target for the company. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a report on Wednesday, July 15th. Piper Sandler decreased their price objective on shares of Unusual Machines from $38.00 to $29.00 and set an “overweight” rating on the stock in a research report on Friday, October 23rd. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a research note on Monday, August 17th. Finally, Northland Securities assumed coverage on Unusual Machines in a report on Friday, October 23rd. They set an “outperform” rating and a $30.00 target price for the company. Seven analysts have rated the stock with a Buy rating. According to MarketBeat.com, Unusual Machines has an average rating of “Buy” and an average price target of $32.14.

Unusual Machines Price Performance

NYSEAMERICAN:UMAC opened at $10.74 on Friday. Unusual Machines has a fifty-two week low of $7.24 and a fifty-two week high of $34.93. The business has a 50 day moving average price of $20.73 and a 200-day moving average price of $19.14.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its earnings results on Thursday, November 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.18. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The firm had revenue of $13.90 million for the quarter, compared to analysts’ expectations of $12.39 million. As a group, research analysts forecast that Unusual Machines will post -0.67 earnings per share for the current year.

Insider Transactions at Unusual Machines

In related news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $250,346.25. Following the completion of the transaction, the president directly owned 237,125 shares of the company’s stock, valued at $6,167,621.25. This trade represents a 3.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $296,852.13. Following the transaction, the chief financial officer directly owned 341,237 shares of the company’s stock, valued at approximately $8,875,574.37. This trade represents a 3.24% 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. Insiders have sold 48,538 shares of company stock valued at $1,262,198 in the last three months. 4.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. NFSG Corp bought a new position in shares of Unusual Machines during the first quarter valued at approximately $37,000. Sterling Capital Management LLC lifted its holdings in shares of Unusual Machines by 845.0% during the third quarter. Sterling Capital Management LLC now owns 1,512 shares of the company’s stock valued at $37,000 after purchasing an additional 1,352 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Unusual Machines by 281.4% during the second quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock valued at $45,000 after purchasing an additional 1,500 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Unusual Machines in the 2nd quarter worth approximately $52,000. Finally, Canton Hathaway LLC bought a new stake in shares of Unusual Machines in the 3rd quarter worth approximately $73,000.

About Unusual Machines

Unusual Machines, Inc develops, manufactures and sells unmanned aircraft systems and components, with a focus on first-person-view (FPV) drones. Its product offerings include complete drones, motors, propellers, frames, flight controllers and other replacement parts used by recreational pilots, commercial operators and drone builders.

The company also markets FPV-related electronics and accessories, including video equipment and goggles. Its portfolio has included the Rotor Riot and Fat Shark brands, which are associated with FPV drones, pilot content and immersive flight products.