Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 7.3% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price traded down 7.3% during trading on Friday . The company traded as low as $24.32 and last traded at $24.38. 572,896 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 4,956,502 shares. The stock had previously closed at $26.30.

Analyst Ratings Changes

Several research firms have recently weighed in on UMAC. Roth Capital raised their price objective on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Needham & Company LLC increased their target price on Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. National Bank Financial set a $42.00 price target on Unusual Machines in a research report on Wednesday, July 15th. HC Wainwright began coverage on Unusual Machines in a research note on Wednesday, July 15th. They set a “buy” rating and a $42.00 price target for the company. Finally, ThinkEquity reiterated a “buy” rating on shares of Unusual Machines in a report on Monday, August 17th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Unusual Machines currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Unusual Machines Trading Down 12.2%

The company has a market cap of $1.15 billion, a P/E ratio of -88.81 and a beta of 14.92. The company’s fifty day moving average is $22.62 and its 200 day moving average is $18.98.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.16). The business had revenue of $16.72 million during the quarter, compared to analyst estimates of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. Analysts anticipate that Unusual Machines, Inc. will post -0.67 EPS for the current year.

Insider Buying and Selling

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 27,500 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.00, for a total value of $715,000.00. Following the completion of the transaction, the executive directly owned 68,750 shares in the company, valued at approximately $1,787,500. This represents a 28.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.01, for a total transaction of $250,346.25. Following the sale, the president directly owned 237,125 shares in the company, valued at $6,167,621.25. The trade was a 3.90% decrease in their position. 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 ninety days, insiders have sold 178,538 shares of company stock worth $5,082,898. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System bought a new stake in Unusual Machines during the 2nd quarter valued at approximately $313,000. Concurrent Investment Advisors LLC purchased a new stake in Unusual Machines in the second quarter worth about $1,446,000. Bank of New York Mellon Corp bought a new position in shares of Unusual Machines during the second quarter valued at approximately $2,999,000. Wasatch Advisors LP purchased a new position in shares of Unusual Machines during the second quarter valued at approximately $8,087,000. Finally, IFC & Insurance Marketing Inc. lifted its holdings in shares of Unusual Machines by 30.7% during the second quarter. IFC & Insurance Marketing Inc. now owns 14,140 shares of the company’s stock valued at $315,000 after purchasing an additional 3,319 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.