Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 6.7% – Still a Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares shot up 6.7% during trading on Monday . The company traded as high as $15.18 and last traded at $15.03. 1,656,898 shares changed hands during trading, a decline of 62% from the average session volume of 4,324,211 shares. The stock had previously closed at $14.09.

Analysts Set New Price Targets

Separately, Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Stock Performance

The stock has a market cap of $608.17 million, a P/E ratio of -18.58 and a beta of 19.89. The stock has a 50-day moving average price of $14.70 and a 200-day moving average price of $13.44.

Insiders Place Their Bets

In related news, CRO Stacy Rochelle Wright sold 13,750 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $255,337.50. Following the completion of the sale, the executive directly owned 96,250 shares in the company, valued at $1,787,362.50. This represents a 12.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the completion of the transaction, the president directly owned 356,375 shares in the company, valued at approximately $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,768 shares of company stock valued at $666,037 over the last quarter. 7.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in UMAC. Granahan Investment Management LLC bought a new position in shares of Unusual Machines in the 4th quarter worth approximately $14,708,000. State Street Corp boosted its holdings in shares of Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after buying an additional 845,173 shares in the last quarter. Tudor Investment Corp ET AL boosted its holdings in shares of 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 valued at $18,233,000 after buying an additional 806,359 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Unusual Machines during the 4th quarter valued at $2,521,000. Finally, Sei Investments Co. bought a new stake in shares of Unusual Machines during the 3rd quarter valued at $2,652,000.

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.