Unusual Machines (NYSEAMERICAN:UMAC) Stock Rating Reaffirmed as Buy by Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Wednesday, Marketbeat reports. They presently have a $40.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 87.44% from the stock’s previous close.

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

Unusual Machines Price Performance

Shares of Unusual Machines stock traded down $1.02 during trading on Wednesday, hitting $21.34. 2,066,605 shares of the company’s stock traded hands, compared to its average volume of 4,645,538. Unusual Machines has a 1 year low of $7.24 and a 1 year high of $34.93. The business has a 50-day simple moving average of $24.52 and a 200-day simple moving average of $20.60. The stock has a market capitalization of $1.07 billion, a P/E ratio of -82.08 and a beta of 14.80.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share for the quarter, meeting 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 analysts’ expectations of $9.20 million. On average, equities analysts predict that Unusual Machines will post -0.67 earnings per share for the current fiscal year.

Insider Transactions at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.01, for a total value of $296,852.13. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive owned 68,750 shares of the company’s stock, valued at $1,787,500. The trade was a 28.57% decrease in their position. 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 ninety days, insiders sold 48,538 shares of company stock worth $1,262,198. 4.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UMAC. Integrated Wealth Concepts LLC purchased a new stake in shares of Unusual Machines in the second quarter valued at approximately $52,000. IFP Advisors Inc raised its stake in shares of Unusual Machines by 281.4% in the second quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock valued at $45,000 after acquiring an additional 1,500 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Unusual Machines during the second quarter worth approximately $4,872,000. Baird Financial Group Inc. grew its holdings in Unusual Machines by 3.7% during the 2nd quarter. Baird Financial Group Inc. now owns 21,250 shares of the company’s stock worth $474,000 after acquiring an additional 750 shares in the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of Unusual Machines in the 2nd quarter valued at $1,446,000.

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.