Granahan Investment Management LLC Decreases Stock Position in Unusual Machines, Inc. $UMAC

Key Points

• Granahan Investment Management reduced its position in Unusual Machines by 12% in the first quarter, selling 138,051 shares and leaving it with 1,016,454 shares valued at about $12.6 million.
• Insider selling has been notable, including a 100,000-share sale by President Andrew Ross Camden and a 15,000-share sale by Director Jeffrey M. Thompson, bringing total insider sales over the last 90 days to 280,000 shares.
• Despite the stock's recent decline, analysts remain mostly bullish: the company has an average “Buy” rating and an average price target of $34.80, while shares opened at $19.36 after falling 10% in the session.

Granahan Investment Management LLC cut its stake in Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Free Report) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,016,454 shares of the company's stock after selling 138,051 shares during the quarter. Granahan Investment Management LLC owned about 2.61% of Unusual Machines worth $12,604,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Unusual Machines by 13.3% in the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company's stock valued at $17,558,000 after acquiring an additional 136,696 shares during the period. State Street Corp boosted its stake 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 purchasing an additional 845,173 shares during the period. Geode Capital Management LLC boosted its stake 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 purchasing an additional 81,883 shares during the period. Goldman Sachs Group Inc. grew its holdings in Unusual Machines by 107.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 250,869 shares of the company's stock valued at $3,196,000 after purchasing an additional 129,796 shares during the last quarter. Finally, UBS Group AG raised its position in Unusual Machines by 410.0% in the 4th quarter. UBS Group AG now owns 200,329 shares of the company's stock worth $2,552,000 after purchasing an additional 161,048 shares during the period.

Insider Activity

In related news, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the transaction, the president directly owned 246,750 shares of the company's stock, valued at $7,414,837.50. This trade represents a 28.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $26.96, for a total value of $404,400.00. Following the sale, the director directly owned 4,794,392 shares in the company, valued at $129,256,808.32. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 280,000 shares of company stock worth $6,477,200. Corporate insiders own 7.50% of the company's stock.

Analyst Upgrades and Downgrades

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

Unusual Machines Stock Down 10.0%

Shares of NYSEAMERICAN UMAC opened at $19.36 on Friday. Unusual Machines, Inc. has a twelve month low of $7.24 and a twelve month high of $34.36. The firm has a market cap of $925.21 million, a PE ratio of -46.09 and a beta of 14.84. The business has a fifty day simple moving average of $21.67 and a two-hundred day simple moving average of $17.31.

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

Unusual Machines 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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