Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Down 7.2% - What's Next?

Key Points

• Down 7.2%: Unusual Machines shares fell 7.2% on Friday to about $14.77 (intraday low $14.64) on 2.94M shares traded, roughly 32% below its average session volume.
• Analyst outlook: Needham reiterated a Buy and MarketBeat shows an average Buy rating with a consensus target price of $20.
• Insider selling: The CFO and President sold shares on March 16, and insiders have sold 35,768 shares (~$666k) over the past 90 days, leaving insiders with about 7.5% ownership.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report)'s share price traded down 7.2% during trading on Friday . The stock traded as low as $14.64 and last traded at $14.77. 2,941,607 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 4,308,711 shares. The stock had previously closed at $15.91.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC restated a "buy" rating and set a $20.00 target price on shares of Unusual Machines in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Unusual Machines currently has an average rating of "Buy" and an average target price of $20.00.

Unusual Machines Price Performance

The firm has a market capitalization of $548.95 million, a PE ratio of -16.77 and a beta of 19.89. The business's 50-day moving average price is $14.67 and its 200-day moving average price is $13.46.

Insider Transactions at Unusual Machines

In other news, CFO Brian Joseph Hoff sold 11,413 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.59, for a total transaction of $212,167.67. Following the transaction, the chief financial officer directly owned 514,062 shares in the company, valued at approximately $9,556,412.58. This trade represents a 2.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Andrew Ross Camden sold 9,625 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the transaction, the president owned 356,375 shares in the company, valued at approximately $6,617,883.75. This trade represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 35,768 shares of company stock worth $666,037. Insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds have recently modified their holdings of the stock. Tudor Investment Corp ET AL lifted its holdings in shares of Unusual Machines by 201.0% during the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company's stock worth $18,233,000 after purchasing an additional 806,359 shares during the period. Vanguard Group Inc. lifted its holdings in shares of 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 stake in shares of Unusual Machines during the fourth quarter worth $14,708,000. State Street Corp lifted its holdings in shares of 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 purchasing an additional 845,173 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of 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 purchasing 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.

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