Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 9.3% – Still a Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was up 9.3% during mid-day trading on Wednesday . The stock traded as high as $24.71 and last traded at $24.37. 2,026,874 shares were traded during trading, a decline of 61% from the average session volume of 5,187,555 shares. The stock had previously closed at $22.30.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on UMAC shares. Roth Mkm increased their price objective on Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Needham & Company LLC upped their price objective on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Unusual Machines presently has a consensus rating of “Buy” and a consensus price target of $30.00.

Unusual Machines Price Performance

The business has a 50 day simple moving average of $19.93 and a 200 day simple moving average of $16.29. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -58.33 and a beta of 14.62.

Unusual Machines (NYSEAMERICAN:UMAC) last released its earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15). The firm had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. As a group, sell-side analysts anticipate that Unusual Machines, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the completion of the sale, the chief financial officer owned 352,650 shares in the company, valued at approximately $6,245,431.50. The trade was a 29.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction on Friday, June 5th. The stock was sold at an average price of $26.96, for a total value of $404,400.00. Following the sale, the director directly owned 4,794,392 shares of the company’s stock, valued at approximately $129,256,808.32. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 280,000 shares of company stock worth $6,477,200 over the last ninety days. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its stake in Unusual Machines by 213.2% during the 1st quarter. Bank of America Corp DE now owns 38,963 shares of the company’s stock worth $483,000 after acquiring an additional 26,524 shares during the last quarter. Royal Bank of Canada boosted its stake in Unusual Machines by 27.8% in the 1st quarter. Royal Bank of Canada now owns 68,382 shares of the company’s stock worth $848,000 after purchasing an additional 14,895 shares during the period. Empyrean Capital Partners LP acquired a new position in shares of Unusual Machines during the first quarter worth about $620,000. DLD Asset Management LP bought a new position in shares of Unusual Machines during the 1st quarter worth approximately $496,000. Finally, Cetera Investment Advisers grew its position in Unusual Machines by 23.1% in the first quarter. Cetera Investment Advisers now owns 17,884 shares of the company’s stock valued at $222,000 after purchasing an additional 3,353 shares in the last quarter.

About Unusual Machines

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.