Needham & Company LLC Issues Pessimistic Forecast for Unusual Machines (NYSEAMERICAN:UMAC) Stock Price

Key Points

• Needham cut its price target on Unusual Machines from $40 to $22 but kept a Buy rating, implying 104.84% upside from the prior close. Across analysts, the average rating is Buy with an average target of $32.14.
• UMAC fell 17.6% and opened at $10.74; its 12-month trading range is $7.24 to $34.93.
• The company beat quarterly expectations, reporting a $0.02 loss per share versus the consensus estimate of a $0.20 loss, and revenue of $13.9 million versus estimates of $12.39 million.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) had its price target lowered by Needham & Company LLC from $40.00 to $22.00 in a research note issued to investors on Friday, Marketbeat reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective points to a potential upside of 104.84% from the stock's previous close.

UMAC has been the subject of several other reports. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research report on Wednesday, July 15th. Northland Securities initiated coverage on shares of Unusual Machines in a research note on Friday, October 23rd. They issued an "outperform" rating and a $30.00 price target for the company. Piper Sandler decreased their price target on shares of Unusual Machines from $38.00 to $29.00 and set an "overweight" rating on the stock in a report on Friday, October 23rd. ThinkEquity restated a "buy" rating on shares of Unusual Machines in a research report on Monday, August 17th. Finally, HC Wainwright started coverage on shares of Unusual Machines in a report on Wednesday, July 15th. They set a "buy" rating and a $42.00 price objective for the company. Seven analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Unusual Machines presently has an average rating of "Buy" and an average target price of $32.14.

Unusual Machines Stock Down 17.6%

NYSEAMERICAN:UMAC opened at $10.74 on Friday. The business's 50-day moving average price is $20.73 and its two-hundred day moving average price is $19.14. Unusual Machines has a twelve month low of $7.24 and a twelve month high of $34.93.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.18. The company had revenue of $13.90 million during the quarter, compared to analyst estimates of $12.39 million. Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%. On average, analysts expect that Unusual Machines will post -0.67 EPS for the current year.

Insider Transactions at Unusual Machines

In related news, CRO Stacy Rochelle Wright sold 27,500 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $26.00, for a total transaction of $715,000.00. Following the transaction, the executive directly owned 68,750 shares of the company's stock, valued at approximately $1,787,500. This trade represents a 28.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Andrew Ross Camden sold 9,625 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $26.01, for a total value of $250,346.25. Following the completion of the sale, the president owned 237,125 shares of the company's stock, valued at $6,167,621.25. The trade was a 3.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 48,538 shares of company stock worth $1,262,198. 4.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of UMAC. Wasatch Advisors LP purchased a new stake in Unusual Machines during the second quarter valued at about $8,087,000. Halter Ferguson Financial Inc. grew its stake in shares of Unusual Machines by 16.4% during the third quarter. Halter Ferguson Financial Inc. now owns 1,782,969 shares of the company's stock valued at $43,647,000 after buying an additional 250,621 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Unusual Machines during the second quarter valued at about $4,872,000. Yorkville Advisors Global LP purchased a new position in shares of Unusual Machines in the first quarter worth about $1,692,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Unusual Machines in the second quarter worth about $2,999,000.

About Unusual Machines

Unusual Machines, Inc develops, manufactures and sells unmanned aircraft systems and components, with a focus on first-person-view (FPV) drones. Its product offerings include complete drones, motors, propellers, frames, flight controllers and other replacement parts used by recreational pilots, commercial operators and drone builders.

The company also markets FPV-related electronics and accessories, including video equipment and goggles. Its portfolio has included the Rotor Riot and Fat Shark brands, which are associated with FPV drones, pilot content and immersive flight products.

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