Needham & Company LLC Reaffirms Buy Rating for Unusual Machines (NYSEAMERICAN:UMAC)

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued on Wednesday, MarketBeat reports. They presently have a $40.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 93.33% from the stock’s current price.

Several other research analysts have also issued reports on UMAC. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a report on Wednesday, July 15th. HC Wainwright began coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They set a “buy” rating and a $42.00 price objective for the company. Piper Sandler began coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 price objective for the company. Finally, ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a research report on Monday, August 17th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unusual Machines has an average rating of “Buy” and an average target price of $37.00.

Unusual Machines Stock Down 7.5%

Unusual Machines stock traded down $1.67 during mid-day trading on Wednesday, hitting $20.69. 1,129,466 shares of the stock were exchanged, compared to its average volume of 4,639,336. Unusual Machines has a 12 month low of $7.24 and a 12 month high of $34.93. The firm’s fifty day simple moving average is $24.52 and its two-hundred day simple moving average is $20.60. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of -79.58 and a beta of 14.80.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.16). Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. The firm had revenue of $16.72 million during the quarter, compared to analyst estimates of $9.20 million. As a group, analysts forecast that Unusual Machines will post -0.67 earnings per share for the current fiscal year.

Insider Activity at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 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 $296,852.13. Following the transaction, the chief financial officer directly owned 341,237 shares of the company’s stock, valued at $8,875,574.37. The trade was a 3.24% decrease in their position. The transaction was disclosed in a legal filing 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, CRO Stacy Rochelle Wright sold 27,500 shares of Unusual Machines stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $26.00, for a total value of $715,000.00. Following the sale, the executive owned 68,750 shares in the company, valued at $1,787,500. The trade was a 28.57% 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. In the last 90 days, insiders sold 48,538 shares of company stock valued at $1,262,198. 4.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP purchased a new stake in Unusual Machines in the second quarter worth approximately $8,087,000. Concurrent Investment Advisors LLC purchased a new stake in shares of Unusual Machines in the second quarter worth $1,446,000. Bank of New York Mellon Corp purchased a new stake in shares of Unusual Machines in the second quarter worth $2,999,000. Empyrean Capital Partners LP purchased a new stake in shares of Unusual Machines during the first quarter valued at $620,000. Finally, Yorkville Advisors Global LP bought a new position in Unusual Machines in the first quarter valued at about $1,692,000.

Unusual Machines Company Profile

Unusual Machines, Inc develops, manufactures and sells components and systems for drones, with a focus on first-person-view (FPV) aircraft and other small unmanned aerial systems. Its product offerings include drone motors, propellers, flight controllers, frames and related electronic components used by recreational, commercial and government customers.

The company also markets and distributes FPV drone products through its Rotor Riot brand, which serves the FPV community with aircraft, equipment, accessories and related content.