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

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Wednesday, Marketbeat.com reports. They currently have a $40.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 92.12% from the stock’s current price.

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

Unusual Machines Stock Down 6.9%

Shares of NYSEAMERICAN:UMAC traded down $1.54 during midday trading on Wednesday, reaching $20.82. 1,913,430 shares of the company traded hands, compared to its average volume of 4,644,979. Unusual Machines has a 12 month low of $7.24 and a 12 month high of $34.93. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -80.08 and a beta of 14.80. The firm’s fifty day moving average price is $24.52 and its two-hundred day moving average price is $20.60.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting 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 company had revenue of $16.72 million for the quarter, compared to analyst estimates of $9.20 million. Analysts forecast that Unusual Machines will post -0.67 earnings per share for the current year.

Insider Buying and Selling

In other news, President Andrew Ross Camden sold 9,625 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $26.01, for a total value of $250,346.25. Following the completion of the transaction, the president directly owned 237,125 shares in the company, valued at approximately $6,167,621.25. This represents a 3.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 company’s stock in a transaction dated 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 of the company’s stock, valued at $1,787,500. The trade was a 28.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 48,538 shares of company stock worth $1,262,198 over the last ninety days. 4.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of UMAC. NFSG Corp purchased a new position in shares of Unusual Machines in the 1st quarter worth about $37,000. IFP Advisors Inc boosted its holdings in shares of Unusual Machines by 281.4% in the 2nd quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock worth $45,000 after purchasing an additional 1,500 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Unusual Machines in the 2nd quarter worth about $52,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Unusual Machines by 54.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after purchasing an additional 2,169 shares in the last quarter. Finally, Leonteq Securities AG purchased a new position in shares of Unusual Machines in the 1st quarter worth about $80,000.

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.