Bank of New York Mellon Corp Invests $3 Million in Unusual Machines, Inc. $UMAC

Key Points

• Bank of New York Mellon purchased 134,477 shares of Unusual Machines worth approximately $3 million, representing about 0.28% of the company. Several other institutional investors also recently initiated or increased positions.
• Unusual Machines reported quarterly revenue of $16.72 million, well above the $9.20 million consensus estimate, while posting an adjusted loss of $0.16 per share. Analysts expect a full-year loss, but the stock carries a “Moderate Buy” consensus rating with an average price target of $37.
• Company insiders sold 48,538 shares worth approximately $1.26 million over the past three months under pre-arranged Rule 10b5-1 plans. Shares recently opened at $23.76, compared with a 52-week range of $7.24 to $34.93.

Bank of New York Mellon Corp purchased a new stake in shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 134,477 shares of the company's stock, valued at approximately $2,999,000. Bank of New York Mellon Corp owned approximately 0.28% of Unusual Machines at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Wexford Capital LP acquired a new stake in Unusual Machines during the 3rd quarter worth about $40,000. NFSG Corp acquired a new position in shares of Unusual Machines in the 1st quarter valued at about $37,000. Ankerstar Wealth LLC purchased a new stake in shares of Unusual Machines in the fourth quarter worth approximately $64,000. Rockefeller Capital Management L.P. lifted its position 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 purchasing an additional 2,169 shares in the last quarter. Finally, Leonteq Securities AG acquired a new stake in shares of Unusual Machines during the first quarter worth approximately $80,000.

Insider Buying and Selling

In other Unusual Machines 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 in the company, valued at $1,787,500. This trade represents a 28.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Joseph Hoff sold 11,413 shares of the firm's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $26.01, for a total value of $296,852.13. Following the transaction, the chief financial officer owned 341,237 shares in the company, valued at approximately $8,875,574.37. This trade represents a 3.24% 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 sold 48,538 shares of company stock worth $1,262,198. Corporate insiders own 4.87% of the company's stock.

Unusual Machines Stock Performance

Shares of UMAC opened at $23.76 on Monday. The firm has a market cap of $1.19 billion, a PE ratio of -91.38 and a beta of 14.78. The firm's 50 day moving average price is $22.93 and its 200 day moving average price is $19.45. Unusual Machines, Inc. has a twelve month low of $7.24 and a twelve month high of $34.93.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The company had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. On average, sell-side analysts anticipate that Unusual Machines, Inc. will post -0.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

UMAC has been the topic of a number of research analyst reports. Piper Sandler assumed coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They set an "overweight" rating and a $38.00 price objective on the stock. Roth Capital increased their target price on shares of Unusual Machines to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research note on Wednesday, July 15th. HC Wainwright initiated coverage on shares of Unusual Machines in a report on Wednesday, July 15th. They set a "buy" rating and a $42.00 price target on the stock. Finally, Needham & Company LLC upped their price target on shares of Unusual Machines from $30.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $37.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.