Squarepoint Ops LLC Purchases New Holdings in Unusual Machines, Inc. $UMAC

Key Points

• Squarepoint Ops LLC acquired 218,473 shares of Unusual Machines in the second quarter, worth approximately $4.87 million and representing about 0.44% of the company. Several other institutions, including Wasatch Advisors and Bank of New York Mellon, also initiated or increased positions.
• Analysts remain broadly bullish: six rate the stock a Buy and one a Hold, producing a “Moderate Buy” consensus and an average price target of $37, compared with a recent share price of $22.95.
• Unusual Machines reported quarterly revenue of $16.72 million, exceeding the $9.20 million estimate, but remained unprofitable with a loss of $0.16 per share. Meanwhile, insiders sold 48,538 shares worth roughly $1.26 million over the past three months under pre-arranged trading plans.

Squarepoint Ops LLC purchased a new stake in Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 218,473 shares of the company's stock, valued at approximately $4,872,000. Squarepoint Ops LLC owned approximately 0.44% of Unusual Machines as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Baird Financial Group Inc. raised its stake in shares of Unusual Machines by 3.7% during the 2nd quarter. Baird Financial Group Inc. now owns 21,250 shares of the company's stock worth $474,000 after purchasing an additional 750 shares in the last quarter. California State Teachers Retirement System bought a new stake in Unusual Machines during the second quarter worth $313,000. Concurrent Investment Advisors LLC bought a new stake in Unusual Machines during the second quarter worth $1,446,000. Bank of New York Mellon Corp acquired a new stake in Unusual Machines in the second quarter valued at $2,999,000. Finally, Wasatch Advisors LP bought a new position in shares of Unusual Machines in the 2nd quarter valued at about $8,087,000.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The shares were 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 directly owned 341,237 shares in the company, valued at $8,875,574.37. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Stacy Rochelle Wright sold 27,500 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $26.00, for a total value of $715,000.00. Following the completion of the transaction, the executive directly owned 68,750 shares in the company, valued at $1,787,500. The trade was a 28.57% 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. Insiders have sold a total of 48,538 shares of company stock valued at $1,262,198 in the last three months. 4.87% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Roth Capital boosted their price objective on shares of Unusual Machines to $40.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Needham & Company LLC lifted their price target on Unusual Machines from $30.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Piper Sandler began coverage on Unusual Machines in a research report on Wednesday, August 12th. They set an "overweight" rating and a $38.00 price target on the stock. HC Wainwright assumed 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. Finally, ThinkEquity restated a "buy" rating on shares of Unusual Machines in a research note on Monday, August 17th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $37.00.

Unusual Machines Price Performance

NYSEAMERICAN:UMAC opened at $22.95 on Friday. The company has a market cap of $1.15 billion, a P/E ratio of -88.27 and a beta of 14.78. The firm's fifty day moving average price is $23.16 and its two-hundred day moving average price is $19.79. Unusual Machines, Inc. has a one year low of $7.24 and a one year 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) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.16). The company had revenue of $16.72 million during the quarter, compared to analysts' expectations of $9.20 million. Unusual Machines had a negative net margin of 20.29% and a negative return on equity of 7.62%. As a group, equities research analysts expect that Unusual Machines, Inc. will post -0.67 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.

Want to see what other hedge funds are holding UMAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Free Report).

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.