Unusual Machines (NYSEAMERICAN:UMAC) Given Buy Rating at Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $40.00 target price on the stock. Needham & Company LLC's price objective indicates a potential upside of 78.89% from the stock's previous close.

A number of other analysts have also issued reports on the stock. ThinkEquity reiterated a "buy" rating on shares of Unusual Machines in a research note on Monday, August 17th. Piper Sandler started coverage on shares of Unusual Machines in a research note on Wednesday, August 12th. They set an "overweight" rating and a $38.00 price objective on the stock. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research note on Wednesday, July 15th. Finally, HC Wainwright assumed coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They issued a "buy" rating and a $42.00 price target for the company. Six research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Unusual Machines currently has an average rating of "Buy" and a consensus price target of $37.00.

Unusual Machines Stock Up 2.4%

UMAC opened at $22.36 on Wednesday. The firm has a market capitalization of $1.12 billion, a P/E ratio of -86.00 and a beta of 14.80. The firm's 50 day moving average is $24.52 and its 200-day moving average is $20.60. Unusual Machines has a 52-week low of $7.24 and a 52-week high of $34.93.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.16). The company had revenue of $16.72 million for 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%. Equities analysts expect that Unusual Machines will post -0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction on Thursday, August 20th. The shares were 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 in the company, valued at approximately $6,167,621.25. The trade was a 3.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $26.01, for a total transaction of $296,852.13. Following the completion of the sale, the chief financial officer owned 341,237 shares of the company's stock, valued at approximately $8,875,574.37. This trade represents a 3.24% 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 quarter, insiders sold 48,538 shares of company stock worth $1,262,198. Insiders own 4.87% of the company's stock.

Institutional Trading of Unusual Machines

Several institutional investors have recently added to or reduced their stakes in the business. Baird Financial Group Inc. increased its stake in Unusual Machines by 3.7% during the second quarter. Baird Financial Group Inc. now owns 21,250 shares of the company's stock valued at $474,000 after purchasing an additional 750 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Unusual Machines by 281.4% during the second quarter. IFP Advisors Inc now owns 2,033 shares of the company's stock valued at $45,000 after acquiring an additional 1,500 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Unusual Machines by 22.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company's stock valued at $148,000 after acquiring an additional 2,116 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Unusual Machines by 54.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company's stock valued at $79,000 after acquiring an additional 2,169 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Unusual Machines during the second quarter valued at $52,000.

Unusual Machines Company Profile

Unusual Machines, Inc develops, manufactures and sells components and systems for drones, with a focus on first-person-view (FPV) aircraft and other small unmanned aerial systems. Its product offerings include drone motors, propellers, flight controllers, frames and related electronic components used by recreational, commercial and government customers.

The company also markets and distributes FPV drone products through its Rotor Riot brand, which serves the FPV community with aircraft, equipment, accessories and related content.