Unusual Machines (NYSEAMERICAN:UMAC) Coverage Initiated at HC Wainwright

Analysts at HC Wainwright started coverage on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $42.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 152.40% from the stock’s current price.

Several other research firms have also commented on UMAC. Roth Capital increased their price target on shares of Unusual Machines to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. National Bank Financial set a $42.00 price objective on Unusual Machines in a research report on Wednesday. Finally, Needham & Company LLC upped their target price on Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $34.80.

Unusual Machines Stock Down 10.2%

Unusual Machines stock opened at $16.64 on Wednesday. Unusual Machines has a 52 week low of $7.24 and a 52 week high of $34.36. The firm’s 50-day simple moving average is $21.20 and its 200 day simple moving average is $17.07. The firm has a market capitalization of $795.23 million, a PE ratio of -39.62 and a beta of 14.84.

Unusual Machines (NYSEAMERICAN:UMAC) last posted its 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). The business had revenue of $8.10 million for the quarter, compared to analysts’ expectations of $5.54 million. Unusual Machines had a negative net margin of 32.71% and a negative return on equity of 11.83%. On average, research analysts expect that Unusual Machines will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

In other Unusual Machines news, Director Jeffrey M. Thompson sold 15,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $27.42, for a total value of $411,300.00. Following the transaction, the director directly owned 4,779,392 shares in the company, valued at approximately $131,050,928.64. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total transaction of $2,656,500.00. Following the completion of the transaction, the chief financial officer owned 352,650 shares in the company, valued at approximately $6,245,431.50. This trade represents a 29.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 280,000 shares of company stock worth $6,477,200. 7.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its position in shares of Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock valued at $148,000 after buying an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in Unusual Machines by 54.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after acquiring an additional 2,169 shares during the last quarter. Wexford Capital LP acquired a new stake in Unusual Machines during the third quarter worth approximately $40,000. NFSG Corp acquired a new stake in Unusual Machines during the first quarter worth approximately $37,000. Finally, IFC & Insurance Marketing Inc. grew its stake in Unusual Machines by 43.6% in the 1st quarter. IFC & Insurance Marketing Inc. now owns 10,821 shares of the company’s stock worth $134,000 after acquiring an additional 3,283 shares during the period.

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.