Granahan Investment Management LLC Buys Shares of 1,154,505 Unusual Machines, Inc. $UMAC

Granahan Investment Management LLC bought a new stake in Unusual Machines, Inc. (NYSEAMERICAN:UMAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,154,505 shares of the company’s stock, valued at approximately $14,708,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC acquired a new position in Unusual Machines in the third quarter valued at about $38,000. Wexford Capital LP acquired a new position in Unusual Machines in the third quarter valued at about $40,000. Jones Financial Companies Lllp lifted its stake in Unusual Machines by 67.7% in the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after buying an additional 1,218 shares during the period. Bank of America Corp DE lifted its stake in Unusual Machines by 7,372.6% in the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after buying an additional 7,004 shares during the period. Finally, Ankerstar Wealth LLC acquired a new position in Unusual Machines in the fourth quarter valued at about $64,000.

Unusual Machines Price Performance

NYSEAMERICAN UMAC opened at $25.20 on Wednesday. The firm has a market cap of $1.20 billion, a P/E ratio of -60.00 and a beta of 14.62. The stock’s 50-day moving average is $18.37 and its 200-day moving average is $15.46. Unusual Machines, Inc. has a one year low of $7.24 and a one year high of $34.36.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.15). The business had revenue of $8.10 million for the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. Equities analysts anticipate that Unusual Machines, Inc. will post -0.38 EPS for the current year.

Analyst Ratings Changes

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

Insider Transactions at Unusual Machines

In other news, President Andrew Ross Camden sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the sale, the president owned 246,750 shares of the company’s stock, valued at $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $17.71, for a total value of $2,656,500.00. Following the sale, the chief financial officer directly owned 352,650 shares in the company, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their position. 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. Insiders have sold a total of 280,000 shares of company stock valued at $6,477,200 over the last 90 days. 7.50% of the stock is owned by company insiders.

Unusual Machines Company Profile

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.