Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 7% – Here’s Why
by Amy Steele · The Cerbat GemShares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report) dropped 7% during trading on Tuesday . The company traded as low as $23.80 and last traded at $24.03. Approximately 1,417,479 shares traded hands during trading, a decline of 73% from the average daily volume of 5,176,289 shares. The stock had previously closed at $25.85.
Analyst Ratings Changes
A number of equities research analysts have issued reports on UMAC shares. Needham & Company LLC boosted their price target on Unusual Machines from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Roth Mkm boosted their target price on Unusual Machines to $40.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Unusual Machines currently has an average rating of “Buy” and a consensus price target of $27.33.
Read Our Latest Analysis on Unusual Machines
Unusual Machines Price Performance
The company has a market cap of $1.12 billion, a price-to-earnings ratio of -55.74 and a beta of 14.63. The company’s 50-day simple moving average is $16.93 and its 200-day simple moving average is $14.78.
Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.15). The firm had revenue of $8.10 million during the quarter, compared to analysts’ expectations of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. Equities analysts predict that Unusual Machines, Inc. will post -0.38 EPS for the current fiscal year.
Insider Activity
In other news, CRO Stacy Rochelle Wright sold 13,750 shares of Unusual Machines 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 sale, the executive directly owned 96,250 shares of the company’s stock, valued at approximately $1,787,362.50. The trade was a 12.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian Joseph Hoff sold 150,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the completion of the transaction, the chief financial officer directly owned 352,650 shares of the company’s stock, valued at $6,245,431.50. This represents a 29.84% 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. Insiders sold 285,768 shares of company stock worth $6,327,537 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.
Institutional Trading of Unusual Machines
Institutional investors have recently added to or reduced their stakes in the stock. BlueCrest Capital Management Ltd bought a new position in Unusual Machines during the 3rd quarter worth approximately $2,168,000. Tudor Investment Corp ET AL raised its position 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 acquiring an additional 806,359 shares in the last quarter. FNY Investment Advisers LLC lifted its stake in Unusual Machines by 293.4% during the fourth quarter. FNY Investment Advisers LLC now owns 120,001 shares of the company’s stock worth $1,528,000 after purchasing an additional 89,500 shares during the last quarter. Moody National Bank Trust Division acquired a new position in Unusual Machines in the fourth quarter worth $549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Unusual Machines in the fourth quarter worth $1,776,000.
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.