Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 10.3% – Time to Sell?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price was down 10.3% during mid-day trading on Thursday . The stock traded as low as $13.33 and last traded at $13.33. Approximately 3,382,981 shares were traded during trading, a decline of 21% from the average daily volume of 4,274,002 shares. The stock had previously closed at $14.86.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on UMAC. JonesTrading began coverage on Unusual Machines in a report on Monday, December 1st. They set a “buy” rating and a $20.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Unusual Machines in a report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $20.00.

Unusual Machines Stock Performance

The stock has a market cap of $520.90 million, a price-to-earnings ratio of -15.92 and a beta of 22.23. The firm’s 50-day simple moving average is $15.50 and its two-hundred day simple moving average is $13.29.

Insider Buying and Selling

In other Unusual Machines news, President Andrew Ross Camden sold 9,625 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the transaction, the president directly owned 356,375 shares in the company, valued at approximately $6,617,883.75. This trade represents a 2.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following the completion of the sale, the chief financial officer directly owned 514,062 shares of the company’s stock, valued at $9,556,412.58. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 57,942 shares of company stock worth $710,164 in the last quarter. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

Several large investors have recently made changes to their positions in the company. Tudor Investment Corp ET AL raised its holdings in Unusual Machines by 201.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock worth $18,233,000 after purchasing an additional 806,359 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Unusual Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after buying an additional 136,696 shares during the period. Granahan Investment Management LLC acquired a new stake in shares of Unusual Machines during the 4th quarter worth approximately $14,708,000. State Street Corp raised its stake in shares of Unusual Machines by 698.4% during the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock worth $12,309,000 after buying an additional 845,173 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Unusual Machines by 29.5% in the fourth quarter. Geode Capital Management LLC now owns 359,883 shares of the company’s stock valued at $4,587,000 after buying an additional 81,883 shares during the period.

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.