Unusual Machines’ (UMAC) Buy Rating Reiterated at Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $40.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 78.89% from the company’s previous close.

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

Unusual Machines Trading Up 2.4%

NYSEAMERICAN UMAC opened at $22.36 on Wednesday. Unusual Machines has a 52 week low of $7.24 and a 52 week high of $34.93. The company’s fifty day simple moving average is $24.52 and its 200-day simple moving average is $20.60. The stock has a market cap of $1.12 billion, a P/E ratio of -86.00 and a beta of 14.80.

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

Insider Activity at Unusual Machines

In related news, CFO Brian Joseph Hoff sold 11,413 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $26.01, for a total value of $296,852.13. Following the transaction, the chief financial officer owned 341,237 shares in the company, valued at approximately $8,875,574.37. This represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.00, for a total transaction of $715,000.00. Following the transaction, the executive owned 68,750 shares in the company, valued at $1,787,500. This represents a 28.57% decrease in their position. The SEC filing for this sale provides additional information. 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. 4.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Unusual Machines

Large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC acquired a new position in Unusual Machines during the 2nd quarter valued at $52,000. IFP Advisors Inc increased its stake in Unusual Machines by 281.4% during 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 during the period. Squarepoint Ops LLC acquired a new stake in shares of Unusual Machines during the 2nd quarter worth approximately $4,872,000. Baird Financial Group Inc. raised its stake in shares of Unusual Machines by 3.7% in the second quarter. Baird Financial Group Inc. now owns 21,250 shares of the company’s stock valued at $474,000 after purchasing an additional 750 shares in the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new stake in Unusual Machines during the second quarter worth $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.