Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 7.9% - Time to Buy?

Key Points

• Unusual Machines shares rose 7.9% on Tuesday, trading as high as $18.82 as investors reacted to the move and ongoing interest in drone-related stocks.
• Analysts remain broadly bullish: several firms raised price targets, with new targets ranging from $30 to $42, and the stock currently carries a consensus Buy rating with a $34.80 target.
• The company recently missed EPS estimates but beat on revenue, while insider selling has been notable; meanwhile, institutional investors such as Vanguard and Geode have increased their holdings.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report)'s share price traded up 7.9% during trading on Tuesday . The company traded as high as $18.82 and last traded at $18.75. Approximately 568,523 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 5,029,355 shares. The stock had previously closed at $17.38.

Analysts Set New Price Targets

A number of analysts have recently weighed in on UMAC shares. Needham & Company LLC raised their price target on shares of Unusual Machines from $22.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, June 11th. HC Wainwright started coverage on shares of Unusual Machines in a research note on Wednesday, July 15th. They set a "buy" rating and a $42.00 price objective for the company. Roth Capital increased their target price on shares of Unusual Machines to $40.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Finally, National Bank Financial set a $42.00 target price on shares of Unusual Machines in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $34.80.

Unusual Machines Trading Up 11.6%

The company has a 50-day moving average of $21.31 and a 200-day moving average of $17.14. The company has a market capitalization of $927.13 million, a price-to-earnings ratio of -46.19 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.15). Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%.The business had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. On average, research analysts expect that Unusual Machines, Inc. will post -0.72 EPS for the current year.

Insider Activity at Unusual Machines

In related news, President Andrew Ross Camden sold 100,000 shares of Unusual Machines stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $30.05, for a total value 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. This trade represents a 28.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $26.96, for a total transaction of $404,400.00. Following the completion of the sale, the director owned 4,794,392 shares of the company's stock, valued at $129,256,808.32. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 280,000 shares of company stock valued at $6,477,200 in the last three months. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Unusual Machines

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of Unusual Machines by 89.1% in the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company's stock valued at $1,911,000 after acquiring an additional 105,020 shares during the period. Jump Financial LLC acquired a new stake in Unusual Machines during the 2nd quarter worth about $1,251,000. Bank of America Corp DE grew its stake in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company's stock valued at $61,000 after purchasing an additional 7,004 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Unusual Machines by 4,639.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company's stock valued at $115,000 after purchasing an additional 13,084 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in 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 during the last quarter.

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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