Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 9.3% - Here's What Happened

Key Points

• Unusual Machines shares fell 9.3% to $27.73 in midday trading, with volume down 76% from its average.
• Analysts remain broadly optimistic: six rate the stock a Buy and one a Hold, producing a “Moderate Buy” consensus and a $37 average price target.
• The company matched quarterly EPS estimates at a loss of $0.16 but exceeded revenue expectations with $16.72 million; insiders sold 280,000 shares worth $6.48 million over the past three months.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report)'s share price was down 9.3% on Wednesday . The stock traded as low as $27.57 and last traded at $27.73. 1,208,560 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 5,002,798 shares. The stock had previously closed at $30.58.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on UMAC shares. HC Wainwright started coverage on Unusual Machines in a research report on Wednesday, July 15th. They set a "buy" rating and a $42.00 price target on the stock. National Bank Financial set a $42.00 price objective on Unusual Machines in a research report on Wednesday, July 15th. ThinkEquity reaffirmed a "buy" rating on shares of Unusual Machines in a research note on Monday. Needham & Company LLC upped their target price on Unusual Machines from $30.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Piper Sandler started coverage on shares of Unusual Machines in a research report on Wednesday, August 12th. They issued an "overweight" rating and a $38.00 price target for the company. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Unusual Machines Price Performance

The firm has a market capitalization of $1.44 billion, a PE ratio of -110.65 and a beta of 14.92. The company has a fifty day moving average of $22.45 and a 200-day moving average of $18.37.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, meeting analysts' consensus estimates of ($0.16). Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%.The firm had revenue of $16.72 million for the quarter, compared to the consensus estimate of $9.20 million. Equities analysts anticipate that Unusual Machines, Inc. will post -0.72 EPS for the current year.

Insider Activity

In other news, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the completion of the sale, the president directly owned 246,750 shares in the company, valued at $7,414,837.50. The trade was a 28.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey M. Thompson sold 15,000 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the completion of the sale, the director directly owned 4,779,392 shares of the company's stock, valued at approximately $131,050,928.64. The trade was a 0.31% decrease in their position. 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 three months. 7.50% of the stock is owned by insiders.

Institutional Trading of Unusual Machines

Several large investors have recently added to or reduced their stakes in UMAC. Vanguard Group Inc. raised its holdings in shares of Unusual Machines by 13.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company's stock valued at $17,558,000 after purchasing an additional 136,696 shares in the last quarter. Granahan Investment Management LLC acquired a new stake in shares of Unusual Machines in the 4th quarter valued at $14,708,000. State Street Corp boosted its holdings in Unusual Machines by 698.4% in the fourth 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 in the last quarter. Wasatch Advisors LP bought a new stake in Unusual Machines in the second quarter worth $8,087,000. Finally, Geode Capital Management LLC increased its position in Unusual Machines by 29.5% during the fourth 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 during the last quarter.

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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