Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price gapped down before the market opened on Monday . The stock had previously closed at $34.06, but opened at $32.55. Unusual Machines shares last traded at $30.80, with a volume of 1,952,538 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on UMAC shares. Needham & Company LLC upped their target price on Unusual Machines from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. ThinkEquity reaffirmed a “buy” rating on shares of Unusual Machines in a research note on Monday. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a report on Wednesday, July 15th. HC Wainwright started coverage on shares of Unusual Machines in a research report on Wednesday, July 15th. They issued a “buy” rating and a $42.00 target price on the stock. Finally, Piper Sandler initiated coverage on shares of Unusual Machines in a research note on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Unusual Machines Trading Up 1.4%

The stock has a 50 day simple moving average of $22.45 and a 200 day simple moving average of $18.37. The firm has a market capitalization of $1.53 billion, a PE ratio of -117.62 and a beta of 14.92.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share 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 firm had revenue of $16.72 million during the quarter, compared to analyst estimates of $9.20 million. As a group, equities analysts anticipate that Unusual Machines, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Andrew Ross Camden sold 100,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the completion of the sale, the president directly owned 246,750 shares in the company, valued at approximately $7,414,837.50. This represents a 28.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey M. Thompson sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $27.42, for a total value of $411,300.00. Following the completion of the sale, the director directly owned 4,779,392 shares in the company, valued at $131,050,928.64. The trade was a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 280,000 shares of company stock valued at $6,477,200 in the last quarter. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

A number of large investors have recently made changes to their positions in the business. Wexford Capital LP bought a new position in shares of Unusual Machines during the third quarter valued at approximately $40,000. NFSG Corp bought a new stake in Unusual Machines in the first quarter valued at $37,000. Ankerstar Wealth LLC purchased a new position in Unusual Machines during the 4th quarter valued at $64,000. Rockefeller Capital Management L.P. increased its position in Unusual Machines by 54.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after purchasing an additional 2,169 shares during the period. Finally, Leonteq Securities AG bought a new position in Unusual Machines in the 1st quarter worth $80,000.

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.