Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 6.8% - What's Next?

Key Points

• Unusual Machines shares were up about 6.8% on Friday, trading as high as $13.48 and last at $13.25 on roughly 1.11M shares—about 74% below its average daily volume.
• Analysts have an average Buy rating with a consensus price target of $20, and Needham recently reiterated a Buy with a $20 objective.
• Insiders have been selling recently (notably the President and CRO on March 16), lowering insider ownership to about 7.5%, while several institutional investors have initiated or increased positions.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report) was up 6.8% on Friday . The stock traded as high as $13.48 and last traded at $13.25. Approximately 1,110,527 shares traded hands during trading, a decline of 74% from the average daily volume of 4,298,536 shares. The stock had previously closed at $12.41.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Unusual Machines in a research report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $20.00.

Unusual Machines Trading Up 7.0%

The stock has a market cap of $517.39 million, a P/E ratio of -15.81 and a beta of 19.89. The firm's fifty day moving average is $14.54 and its 200 day moving average is $13.42.

Insider Transactions at Unusual Machines

In related news, President Andrew Ross Camden sold 9,625 shares of the company'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 sale, the president owned 356,375 shares of the company's stock, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Stacy Rochelle Wright sold 13,750 shares of the company's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the completion of the sale, the executive directly owned 96,250 shares in the company, valued at approximately $1,787,362.50. The trade was a 12.50% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 35,768 shares of company stock worth $666,037. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its stake in Unusual Machines by 54.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company's stock worth $79,000 after purchasing an additional 2,169 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Unusual Machines by 22.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company's stock worth $148,000 after purchasing an additional 2,116 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Unusual Machines in the 4th quarter worth about $1,289,000. Vident Advisory LLC acquired a new stake in Unusual Machines in the 4th quarter worth about $1,015,000. Finally, Concentric Capital Strategies LP acquired a new stake in Unusual Machines in the 4th quarter worth about $2,052,000.

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.

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.