Unusual Machines (NYSEAMERICAN:UMAC) Upgraded to "Strong-Buy" at Piper Sandler

Key Points

• Piper Sandler upgraded Unusual Machines to “strong buy,” adding to a broadly positive analyst outlook. The stock has an average rating of “Buy” and a consensus price target of $37.00.
• UMAC shares opened at $27.03 and were trading up 4.1%, with a market capitalization of approximately $1.35 billion. The stock has ranged from $7.24 to $34.36 over the past year.
• The company met quarterly EPS expectations at a loss of $0.16 per share while revenue of $16.72 million exceeded the $9.20 million consensus estimate. However, insiders sold 280,000 shares worth about $6.48 million during the past quarter.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) was upgraded by stock analysts at Piper Sandler to a "strong-buy" rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on UMAC. National Bank Financial set a $42.00 price objective on Unusual Machines in a research note on Wednesday, July 15th. HC Wainwright assumed coverage on Unusual Machines in a report on Wednesday, July 15th. They issued a "buy" rating and a $42.00 target price on the stock. Needham & Company LLC lifted their price target on shares of Unusual Machines from $30.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Roth Capital boosted their price target on shares of Unusual Machines to $40.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $37.00.

Unusual Machines Trading Up 4.1%

Shares of NYSEAMERICAN UMAC opened at $27.03 on Wednesday. The firm has a market capitalization of $1.35 billion, a P/E ratio of -103.96 and a beta of 14.92. The firm's 50-day moving average price is $22.18 and its 200-day moving average price is $17.96. Unusual Machines has a 1-year low of $7.24 and a 1-year high of $34.36.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.16) EPS for the quarter, meeting the consensus estimate of ($0.16). Unusual Machines had a negative return on equity of 7.62% and a negative net margin of 20.29%.The company had revenue of $16.72 million during the quarter, compared to the consensus estimate of $9.20 million. Equities research analysts forecast that Unusual Machines will post -0.72 EPS for the current year.

Insiders Place Their Bets

In other news, President Andrew Ross Camden sold 100,000 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $30.05, for a total transaction of $3,005,000.00. Following the completion of the sale, the president directly owned 246,750 shares of the company's stock, valued at $7,414,837.50. This trade represents a 28.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey M. Thompson sold 15,000 shares of Unusual Machines stock in a transaction on Friday, June 5th. The stock was sold at an average price of $26.96, for a total value of $404,400.00. Following the sale, the director owned 4,794,392 shares in the company, valued at $129,256,808.32. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 280,000 shares of company stock valued at $6,477,200. Insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Unusual Machines

Institutional investors have recently added to or reduced their stakes in the stock. Wexford Capital LP bought a new stake in Unusual Machines in the third quarter worth about $40,000. NFSG Corp bought a new position in shares of Unusual Machines during the 1st quarter valued at approximately $37,000. Ankerstar Wealth LLC purchased a new stake in shares of Unusual Machines during the 4th quarter worth approximately $64,000. Rockefeller Capital Management L.P. increased its stake in shares of Unusual Machines by 54.2% during 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 during the last quarter. Finally, Leonteq Securities AG purchased a new stake in shares of Unusual Machines during the 1st quarter worth approximately $80,000.

Unusual Machines Company Profile

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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