Unusual Machines (NYSEAMERICAN:UMAC) Shares Up 6.8% – Here’s What Happened

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

Analyst Ratings Changes

Separately, Needham & Company LLC reissued a “buy” rating and issued 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 issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Stock Up 10.4%

The stock has a market capitalization of $533.75 million, a price-to-earnings ratio of -16.31 and a beta of 19.89. The business’s 50 day simple moving average is $14.54 and its 200-day simple moving average is $13.41.

Insiders Place Their Bets

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of the 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 sale, the executive directly owned 96,250 shares in the company, valued at $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian Joseph Hoff sold 11,413 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.59, for a total transaction of $212,167.67. Following the sale, the chief financial officer owned 514,062 shares in the company, valued at $9,556,412.58. The trade was a 2.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,768 shares of company stock worth $666,037 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

Large investors have recently bought and sold shares of the company. Ameritas Advisory Services LLC acquired a new stake in Unusual Machines during the third quarter worth about $38,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines in the 3rd quarter valued at approximately $40,000. Jones Financial Companies Lllp boosted its stake in shares of Unusual Machines by 67.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after purchasing an additional 1,218 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Unusual Machines by 7,372.6% in 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 in the last quarter. Finally, Ankerstar Wealth LLC acquired a new stake in shares of Unusual Machines in the 4th quarter valued at approximately $64,000.

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.