Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 7.3% – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price fell 7.3% on Wednesday . The stock traded as low as $7.55 and last traded at $7.59. 2,717,110 shares traded hands during mid-day trading, an increase of 30% from the average session volume of 2,093,104 shares. The stock had previously closed at $8.19.

Unusual Machines Stock Performance

The business’s 50-day moving average price is $6.38 and its 200-day moving average price is $7.85. The stock has a market cap of $188.46 million, a P/E ratio of -1.96 and a beta of 24.73.

Insider Activity at Unusual Machines

In other Unusual Machines news, CFO Brian Joseph Hoff sold 83,775 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $5.70, for a total value of $477,517.50. Following the completion of the sale, the chief financial officer now owns 359,225 shares in the company, valued at approximately $2,047,582.50. This represents a 18.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 22.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in UMAC. Geode Capital Management LLC grew its position in Unusual Machines by 329.3% in the fourth quarter. Geode Capital Management LLC now owns 43,214 shares of the company’s stock worth $727,000 after acquiring an additional 33,148 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Unusual Machines in the 4th quarter valued at approximately $298,000. Covestor Ltd purchased a new position in shares of Unusual Machines in the 1st quarter worth approximately $85,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Unusual Machines in the 1st quarter worth approximately $80,000. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Unusual Machines during the 4th quarter valued at approximately $209,000.

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.