Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 7.9% – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) dropped 7.9% during trading on Friday . The stock traded as low as $14.67 and last traded at $14.85. Approximately 984,661 shares changed hands during trading, a decline of 77% from the average daily volume of 4,337,033 shares. The stock had previously closed at $16.13.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Unusual Machines currently has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Trading Down 9.8%

The firm has a market capitalization of $566.87 million, a PE ratio of -17.32 and a beta of 19.89. The business’s 50 day simple moving average is $14.96 and its two-hundred day simple moving average is $13.47.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the completion of the sale, the executive directly owned 96,250 shares in the company, valued at approximately $1,787,362.50. The trade was a 12.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $178,736.25. Following the sale, the president owned 356,375 shares of the company’s stock, valued at approximately $6,617,883.75. This represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 35,768 shares of company stock worth $666,037. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Advisory Services LLC purchased a new position in shares of Unusual Machines in the third quarter worth approximately $38,000. Wexford Capital LP purchased a new position in shares of Unusual Machines in the third quarter worth approximately $40,000. Jones Financial Companies Lllp boosted its holdings 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 worth $46,000 after buying an additional 1,218 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Unusual Machines by 7,372.6% in 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 during the last quarter. Finally, Ankerstar Wealth LLC purchased a new position in shares of Unusual Machines in the fourth quarter worth approximately $64,000.

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.