50,000 Shares in Unusual Machines, Inc. $UMAC Acquired by Empyrean Capital Partners LP

Empyrean Capital Partners LP acquired a new stake in Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 50,000 shares of the company's stock, valued at approximately $620,000. Empyrean Capital Partners LP owned about 0.10% of Unusual Machines at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in UMAC. Vanguard Group Inc. lifted its stake in Unusual Machines by 13.3% during the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company's stock worth $17,558,000 after purchasing an additional 136,696 shares during the last quarter. Granahan Investment Management LLC bought a new position in shares of Unusual Machines in the 4th quarter valued at $14,708,000. State Street Corp raised its holdings in shares of Unusual Machines by 698.4% during the 4th quarter. State Street Corp now owns 966,184 shares of the company's stock worth $12,309,000 after buying an additional 845,173 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Unusual Machines by 29.5% during the 4th quarter. Geode Capital Management LLC now owns 359,883 shares of the company's stock worth $4,587,000 after buying an additional 81,883 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Unusual Machines by 107.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 250,869 shares of the company's stock worth $3,196,000 after buying an additional 129,796 shares during the last quarter.

Wall Street Analyst Weigh In

UMAC has been the topic of several research analyst reports. HC Wainwright began coverage on Unusual Machines in a research note on Wednesday, July 15th. They issued a "buy" rating and a $42.00 price objective on the stock. National Bank Financial set a $42.00 price target on shares of Unusual Machines in a report on Wednesday, July 15th. Roth Capital upped their price objective on shares of Unusual Machines to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC raised their target price on shares of Unusual Machines from $22.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $34.80.

Unusual Machines Stock Performance

Unusual Machines stock opened at $20.60 on Tuesday. Unusual Machines, Inc. has a 52-week low of $7.24 and a 52-week high of $34.36. The firm has a 50 day moving average price of $21.79 and a two-hundred day moving average price of $17.36. The firm has a market cap of $984.47 million, a price-to-earnings ratio of -49.05 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.15). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The firm had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. As a group, equities research analysts predict that Unusual Machines, Inc. will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

In other Unusual Machines news, Director Jeffrey M. Thompson sold 15,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $26.96, for a total transaction of $404,400.00. Following the sale, the director owned 4,794,392 shares of the company's stock, valued at approximately $129,256,808.32. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 stock was sold at an average price of $17.71, for a total value of $2,656,500.00. Following the sale, the chief financial officer owned 352,650 shares of the company's stock, valued at approximately $6,245,431.50. The trade was a 29.84% 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. Insiders sold 280,000 shares of company stock valued at $6,477,200 over the last quarter. Insiders own 7.50% of the company's stock.

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.

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