Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down - Here's Why

Key Points

• Shares gapped down pre-market from $18.60 to an open of $16.92 and last traded at $16.23 on volume of about 4.96 million shares.
• Wall Street sentiment is broadly positive with a consensus "Buy" rating and a $20.00 price target (one Strong Buy, two Buy, one Hold).
• Insider selling has been notable—President Andrew Camden and CFO Brian Hoff sold shares on March 16, and insiders sold 57,942 shares (~$710,164) in the past 90 days while owning 7.50% of the company.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $18.60, but opened at $16.92. Unusual Machines shares last traded at $16.23, with a volume of 4,956,120 shares trading hands.

Wall Street Analyst Weigh In

UMAC has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Unusual Machines in a research report on Monday, March 9th. JonesTrading assumed coverage on Unusual Machines in a research note on Monday, December 1st. They issued a "buy" rating and a $20.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Unusual Machines presently has a consensus rating of "Buy" and a consensus price target of $20.00.

Unusual Machines Stock Performance

The company has a market cap of $613.68 million, a price-to-earnings ratio of -18.79 and a beta of 22.23. The company has a 50-day simple moving average of $15.49 and a 200-day simple moving average of $13.10.

Insiders Place Their Bets

In related news, President Andrew Ross Camden sold 9,625 shares of the firm's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $178,736.25. Following the completion of the sale, the president owned 356,375 shares in the company, valued at $6,617,883.75. This trade represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian Joseph Hoff sold 11,413 shares of the company's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.59, for a total transaction of $212,167.67. Following the transaction, the chief financial officer owned 514,062 shares in the company, valued at $9,556,412.58. The trade was a 2.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 57,942 shares of company stock worth $710,164. Corporate insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Unusual Machines

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new stake in shares of Unusual Machines in the 3rd quarter worth about $38,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines in the third quarter valued at approximately $40,000. Jones Financial Companies Lllp increased its position in Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company's stock worth $46,000 after buying an additional 1,218 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Unusual Machines during the third quarter worth $76,000. Finally, Ankerstar Wealth LLC purchased a new stake in Unusual Machines during the fourth quarter worth approximately $64,000.

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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