Unusual Machines (NYSEAMERICAN:UMAC) Earns Buy Rating from Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $40.00 target price on the stock. Needham & Company LLC’s target price would suggest a potential upside of 92.03% from the company’s current price.

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

Unusual Machines Stock Performance

Shares of UMAC stock traded down $0.56 during trading hours on Wednesday, reaching $20.83. The company had a trading volume of 2,495,839 shares, compared to its average volume of 4,628,995. The business has a fifty day moving average price of $24.63 and a 200-day moving average price of $20.66. Unusual Machines has a one year low of $7.24 and a one year high of $34.93. The firm has a market cap of $1.04 billion, a PE ratio of -80.12 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 analysts’ consensus estimates of ($0.16). Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%.The firm had revenue of $16.72 million for the quarter, compared to the consensus estimate of $9.20 million. Equities research analysts forecast that Unusual Machines will post -0.67 EPS for the current year.

Insider Activity at Unusual Machines

In other news, CRO Stacy Rochelle Wright sold 27,500 shares of Unusual Machines stock in a transaction that occurred 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 completion of the transaction, the executive 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on Thursday, August 20th. The stock was 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 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. In the last quarter, insiders sold 48,538 shares of company stock valued at $1,262,198. Insiders own 4.87% of the company’s stock.

Institutional Trading of Unusual Machines

Several institutional investors have recently added to or reduced their stakes in the company. Granahan Investment Management LLC purchased a new position in Unusual Machines in the fourth quarter valued at about $14,708,000. Wasatch Advisors LP acquired a new stake in shares of Unusual Machines during the second quarter worth $8,087,000. Squarepoint Ops LLC purchased a new stake in Unusual Machines during the 2nd quarter valued at about $4,872,000. Yorkville Advisors Global LP acquired a new position in Unusual Machines in the 1st quarter worth approximately $1,692,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Unusual Machines in the second quarter worth $2,999,000.

About Unusual Machines

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.