Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 7.6% – Time to Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price was up 7.6% on Thursday . The company traded as high as $24.07 and last traded at $23.69. 686,546 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 4,800,521 shares. The stock had previously closed at $22.01.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. HC Wainwright initiated 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. Roth Capital raised their price target on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC lifted their price target on shares of Unusual Machines from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research report on Wednesday, July 15th. Finally, Piper Sandler began coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They issued an “overweight” rating and a $38.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.00.

Unusual Machines Price Performance

The company has a market cap of $1.18 billion, a PE ratio of -90.65 and a beta of 14.78. The company has a 50-day moving average price of $23.27 and a two-hundred day moving average price of $20.02.

Unusual Machines (NYSEAMERICAN:UMAC) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The firm had revenue of $16.72 million for the quarter, compared to analyst estimates 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 research analysts anticipate that Unusual Machines, Inc. will post -0.67 earnings per share for the current year.

Insider Transactions at Unusual Machines

In related news, CRO Stacy Rochelle Wright sold 27,500 shares of Unusual Machines stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $26.00, for a total transaction of $715,000.00. Following the sale, the executive owned 68,750 shares of the company’s stock, valued at $1,787,500. The trade was a 28.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 the company’s 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 completion of the transaction, the president directly owned 237,125 shares of the company’s stock, valued at approximately $6,167,621.25. The trade was a 3.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 48,538 shares of company stock valued at $1,262,198. Corporate insiders own 4.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of UMAC. IFP Advisors Inc increased its holdings in Unusual Machines by 281.4% during the 2nd quarter. IFP Advisors Inc now owns 2,033 shares of the company’s stock worth $45,000 after purchasing an additional 1,500 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Unusual Machines during the 2nd quarter valued at approximately $52,000. NFSG Corp acquired a new stake in shares of Unusual Machines during the first quarter worth approximately $37,000. Rockefeller Capital Management L.P. increased its stake in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after buying an additional 2,169 shares during the last quarter. Finally, Leonteq Securities AG acquired a new stake in Unusual Machines in the first quarter valued at $80,000.

About Unusual Machines

Unusual Machines, Inc is a U.S.-based drone technology company that develops, manufactures and distributes unmanned aircraft systems and components. Its product portfolio is focused primarily on the first-person-view (FPV) drone market and includes drones, motors, propellers, flight controllers, frames, electronic components and FPV goggles.

The company sells products under brands including Rotor Riot and Fat Shark. Rotor Riot is associated with FPV drones, parts and accessories, while Fat Shark is known for FPV video goggles and related equipment.