Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 6.7% - Still a Buy?

Key Points

• Shares jumped 6.7% to $15.03 (high $15.18) on Monday, but trading volume was about 1.66M versus an average of 4.32M shares — a ~62% decline from normal session volume.
• Wall Street sentiment is positive: Needham reiterated a Buy rating with a $20 price target, and the consensus rating is Buy with a $20 average target.
• Insiders have been selling recently (CRO and the president sold shares on March 16; 35,768 shares sold in the last 90 days; insiders own 7.5%), while the company shows a market cap of $608.2M, a negative PE (-18.58) and an extremely high beta (19.89), indicating high volatility.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report)'s share price shot up 6.7% during trading on Monday . The stock traded as high as $15.18 and last traded at $15.03. 1,656,898 shares were traded during mid-day trading, a decline of 62% from the average session volume of 4,324,211 shares. The stock had previously closed at $14.09.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Unusual Machines in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Unusual Machines has a consensus rating of "Buy" and a consensus target price of $20.00.

Unusual Machines Trading Up 10.8%

The firm has a fifty day moving average of $14.70 and a two-hundred day moving average of $13.44. The company has a market cap of $608.17 million, a PE ratio of -18.58 and a beta of 19.89.

Insider Activity at Unusual Machines

In related news, CRO Stacy Rochelle Wright sold 13,750 shares of the company's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the sale, the executive directly owned 96,250 shares in the company, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the company's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $178,736.25. Following the sale, the president owned 356,375 shares in the company, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 35,768 shares of company stock worth $666,037. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Unusual Machines

Several hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp grew its position in shares of Unusual Machines by 67.7% in the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company's stock valued at $46,000 after purchasing an additional 1,218 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company's stock worth $148,000 after buying an additional 2,116 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company's stock worth $79,000 after buying an additional 2,169 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Unusual Machines in the third quarter worth about $38,000. Finally, Wexford Capital LP purchased a new stake in shares of Unusual Machines in the third quarter worth about $40,000.

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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