Unusual Machines (NYSEAMERICAN:UMAC) Trading 12.2% Higher – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price shot up 12.2% on Thursday . The company traded as high as $14.08 and last traded at $13.85. 2,184,192 shares traded hands during trading, a decline of 50% from the average session volume of 4,333,468 shares. The stock had previously closed at $12.34.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $20.00.

Unusual Machines Stock Up 8.8%

The firm has a market cap of $522.84 million, a price-to-earnings ratio of -15.98 and a beta of 19.80. The company’s 50-day moving average price is $14.92 and its 200-day moving average price is $13.36.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $255,337.50. Following the sale, the executive owned 96,250 shares in the company, valued at $1,787,362.50. This represents a 12.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian Joseph Hoff sold 11,413 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following the completion of the sale, the chief financial officer directly owned 514,062 shares in the company, valued at $9,556,412.58. This represents a 2.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 35,768 shares of company stock valued at $666,037 in the last 90 days. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

A number of institutional investors and hedge funds have recently made changes to their positions in UMAC. BlueCrest Capital Management Ltd acquired a new stake in Unusual Machines in the third quarter valued at approximately $2,168,000. Tudor Investment Corp ET AL grew its holdings in Unusual Machines by 201.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after acquiring an additional 806,359 shares in the last quarter. Moody National Bank Trust Division acquired a new position in Unusual Machines during the 4th quarter worth approximately $549,000. Kieckhefer Group LLC increased its position in shares of Unusual Machines by 330.6% in the 3rd quarter. Kieckhefer Group LLC now owns 62,000 shares of the company’s stock valued at $936,000 after purchasing an additional 47,600 shares during the last quarter. Finally, Bluefin Capital Management LLC purchased a new stake in shares of Unusual Machines in the 2nd quarter valued at approximately $166,000.

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.