Unusual Machines (NYSEAMERICAN:UMAC) Price Target Raised to $40.00 at Needham & Company LLC

Key Points

• Needham raised Unusual Machines’ price target from $30 to $40 and maintained a “Buy” rating, implying 54.92% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $36.80; other firms have issued targets as high as $42.
• UMAC shares rose 0.3% to $25.82. The company met quarterly EPS expectations at a loss of $0.16 per share while reporting revenue of $16.72 million, well above the $9.20 million analyst estimate.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) had its price target boosted by research analysts at Needham & Company LLC from $30.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 54.92% from the stock's previous close.

UMAC has been the subject of several other reports. HC Wainwright initiated coverage on Unusual Machines in a research note on Wednesday, July 15th. They issued a "buy" rating and a $42.00 price objective for the company. Roth Capital raised their target price on shares of Unusual Machines to $40.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Finally, National Bank Financial set a $42.00 price objective on Unusual Machines in a report on Wednesday, July 15th. One equities research 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 company. According to MarketBeat.com, Unusual Machines presently has a consensus rating of "Buy" and a consensus target price of $36.80.

Unusual Machines Stock Up 0.3%

Shares of NYSEAMERICAN UMAC traded up $0.09 during trading on Thursday, reaching $25.82. The company had a trading volume of 4,155,189 shares, compared to its average volume of 4,938,459. The stock has a market cap of $1.23 billion, a PE ratio of -61.47 and a beta of 14.92. Unusual Machines has a 12-month low of $7.24 and a 12-month high of $34.36. The business's 50-day moving average is $22.63 and its 200 day moving average is $17.68.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.16). The business had revenue of $16.72 million for the quarter, compared to analysts' expectations of $9.20 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. On average, analysts anticipate that Unusual Machines will post -0.72 earnings per share for the current year.

Insider Activity at Unusual Machines

In other news, CFO Brian Joseph Hoff sold 150,000 shares of Unusual Machines stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the transaction, the chief financial officer owned 352,650 shares of the company's stock, valued at $6,245,431.50. The trade was a 29.84% decrease in their position. 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, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction on Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the transaction, the director directly owned 4,794,392 shares in the company, valued at $129,256,808.32. This represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 280,000 shares of company stock worth $6,477,200 in the last quarter. 7.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Unusual Machines

Several hedge funds have recently modified their holdings of UMAC. Geode Capital Management LLC raised its holdings in shares of Unusual Machines by 89.1% in the second quarter. Geode Capital Management LLC now owns 222,927 shares of the company's stock worth $1,911,000 after buying an additional 105,020 shares during the last quarter. Jump Financial LLC acquired a new position in shares of Unusual Machines in the 2nd quarter valued at $1,251,000. Bank of America Corp DE increased its position in shares of Unusual Machines by 7,372.6% in the second quarter. Bank of America Corp DE now owns 7,099 shares of the company's stock valued at $61,000 after buying an additional 7,004 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Unusual Machines by 4,639.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company's stock valued at $115,000 after buying an additional 13,084 shares in the last quarter. Finally, Vanguard Group Inc. raised its position 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 buying an additional 136,696 shares during the last quarter.

About Unusual Machines

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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