Unusual Machines (NYSEAMERICAN:UMAC) Trading 8.2% Higher – Still a Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price shot up 8.2% during trading on Thursday . The stock traded as high as $25.88 and last traded at $25.85. Approximately 1,277,114 shares were traded during trading, a decline of 74% from the average session volume of 4,974,620 shares. The stock had previously closed at $23.89.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on UMAC. Roth Capital raised their price objective on Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Piper Sandler assumed coverage on Unusual Machines in a report on Wednesday, August 12th. They set an “overweight” rating and a $38.00 target price on the stock. Needham & Company LLC increased their price target on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. ThinkEquity restated a “buy” rating on shares of Unusual Machines in a research note on Monday, August 17th. 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 price target on the stock. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Unusual Machines Stock Up 8.5%

The firm has a 50 day simple moving average of $22.59 and a 200-day simple moving average of $18.88. The stock has a market cap of $1.29 billion, a P/E ratio of -99.69 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The company 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, equities analysts anticipate that Unusual Machines, Inc. will post -0.67 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $27.42, for a total transaction of $411,300.00. Following the completion of the sale, the director owned 4,779,392 shares in the company, valued at approximately $131,050,928.64. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines 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 sale, the chief financial officer directly owned 341,237 shares of the company’s stock, valued at approximately $8,875,574.37. The trade was a 3.24% decrease in their ownership of the stock. 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 90 days, insiders sold 178,538 shares of company stock worth $5,082,898. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. NFSG Corp acquired a new position in Unusual Machines in the first quarter valued at $37,000. Wexford Capital LP bought a new stake in Unusual Machines during the 3rd quarter valued at $40,000. Bank of America Corp DE increased its position in shares of Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after acquiring an additional 7,004 shares in the last quarter. Ankerstar Wealth LLC purchased a new stake in shares of Unusual Machines in the fourth quarter worth approximately $64,000. Finally, Rockefeller Capital Management L.P. raised its position in Unusual Machines by 54.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after buying an additional 2,169 shares during the last quarter.

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.