Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up - What's Next?

Key Points

• UMAC gapped up at the open to $18.50 from a $16.45 close but was last quoted at $16.41 on heavy volume (~2.86M shares), signaling notable short-term volatility.
• Several brokerages have initiated or upgraded coverage, leaving a consensus "Buy" rating with an average price target of $20.00.
• The company missed EPS (reported -$0.36 vs. -$0.05 est.), has a deeply negative net margin (430.4%) and an extremely high beta (22.20), although large institutional investors have recently increased positions.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $16.45, but opened at $18.50. Unusual Machines shares last traded at $16.41, with a volume of 2,863,567 shares trading hands.

Analysts Set New Price Targets

Several brokerages have commented on UMAC. JonesTrading initiated coverage on shares of Unusual Machines in a report on Monday, December 1st. They set a "buy" rating and a $20.00 target price on the stock. ThinkEquity raised shares of Unusual Machines to a "strong-buy" rating in a research note on Monday, November 17th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Unusual Machines in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $20.00.

Unusual Machines Stock Performance

The company has a fifty day moving average price of $14.44 and a two-hundred day moving average price of $12.56. The company has a market cap of $615.53 million, a P/E ratio of -4.52 and a beta of 22.20.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last issued its quarterly earnings results on Monday, March 9th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.31). The company had revenue of $4.90 million for the quarter, compared to analyst estimates of $3.59 million. Unusual Machines had a negative net margin of 430.40% and a negative return on equity of 25.59%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL raised its holdings in shares of Unusual Machines by 201.0% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company's stock valued at $18,233,000 after purchasing an additional 806,359 shares during the period. Vanguard Group Inc. grew its holdings in Unusual Machines by 13.3% during the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company's stock worth $17,558,000 after purchasing an additional 136,696 shares during the period. Granahan Investment Management LLC acquired a new position in Unusual Machines during the fourth quarter worth approximately $14,708,000. State Street Corp increased its position in Unusual Machines by 698.4% during the fourth quarter. State Street Corp now owns 966,184 shares of the company's stock worth $12,309,000 after buying an additional 845,173 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Unusual Machines by 29.5% in the fourth quarter. Geode Capital Management LLC now owns 359,883 shares of the company's stock valued at $4,587,000 after buying an additional 81,883 shares during the period.

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.

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.