Connective Capital Management LLC Sells 50,259 Shares of Unusual Machines, Inc. $UMAC

Connective Capital Management LLC lowered its holdings in shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) by 46.1% during the second quarter, HoldingsChannel reports. The firm owned 58,701 shares of the company’s stock after selling 50,259 shares during the quarter. Unusual Machines comprises 1.0% of Connective Capital Management LLC’s holdings, making the stock its 19th largest holding. Connective Capital Management LLC’s holdings in Unusual Machines were worth $1,309,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its stake in Unusual Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after purchasing an additional 136,696 shares in the last quarter. Granahan Investment Management LLC bought a new position in Unusual Machines in the fourth quarter valued at approximately $14,708,000. State Street Corp lifted its stake in Unusual Machines by 698.4% in the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after buying an additional 845,173 shares in the last quarter. Wasatch Advisors LP bought a new position in Unusual Machines in the second quarter valued at approximately $8,087,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Unusual Machines by 29.5% in the fourth quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after buying an additional 81,883 shares during the period.

Insider Activity at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 27,500 shares of Unusual Machines stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.00, for a total value of $715,000.00. Following the sale, the executive directly owned 68,750 shares in the company, valued at approximately $1,787,500. The trade was a 28.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction on 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 sale, the president owned 237,125 shares in the company, valued at $6,167,621.25. The trade was a 3.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 48,538 shares of company stock valued at $1,262,198. Corporate insiders own 4.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on UMAC shares. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research report on Wednesday, July 15th. Needham & Company LLC boosted their price objective on shares of Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. HC Wainwright initiated coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They issued a “buy” rating and a $42.00 target price for the company. ThinkEquity reiterated a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. Finally, Roth Capital lifted their price target on Unusual Machines to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Unusual Machines has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Unusual Machines Price Performance

NYSEAMERICAN:UMAC traded up $2.22 during trading hours on Tuesday, reaching $25.98. 3,302,272 shares of the stock were exchanged, compared to its average volume of 4,908,671. The stock has a market cap of $1.30 billion, a PE ratio of -99.92 and a beta of 14.78. Unusual Machines, Inc. has a twelve month low of $7.24 and a twelve month high of $34.93. The firm has a 50 day moving average of $23.02 and a 200 day moving average of $19.53.

Unusual Machines (NYSEAMERICAN:UMAC) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting analysts’ consensus estimates of ($0.16). The business had revenue of $16.72 million for the quarter, compared to analyst estimates of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. Equities research analysts anticipate that Unusual Machines, Inc. will post -0.67 earnings per share for the current year.

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.