Brokerages Set Unusual Machines, Inc. (NYSEAMERICAN:UMAC) PT at $30.00

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) has been given a consensus recommendation of “Buy” by the six ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $34.80.

Several research firms have issued reports on UMAC. Roth Capital upped their price target on shares of Unusual Machines to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. National Bank Financial set a $42.00 price objective on shares of Unusual Machines in a research note on Wednesday. Needham & Company LLC upped their target price on shares of Unusual Machines from $22.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Finally, HC Wainwright initiated coverage on shares of Unusual Machines in a research note on Wednesday. They issued a “buy” rating and a $42.00 target price for the company.

Insider Activity

In related news, Director Jeffrey M. Thompson sold 15,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $26.96, for a total transaction of $404,400.00. Following the sale, the director owned 4,794,392 shares in the company, valued at approximately $129,256,808.32. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Joseph Hoff sold 150,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $17.71, for a total value of $2,656,500.00. Following the completion of the sale, the chief financial officer directly owned 352,650 shares in the company, valued at approximately $6,245,431.50. This represents a 29.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 280,000 shares of company stock valued at $6,477,200. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Granahan Investment Management LLC bought a new stake in Unusual Machines during the 4th quarter worth $14,708,000. State Street Corp raised its position in Unusual Machines by 698.4% in the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after purchasing an additional 845,173 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of Unusual Machines by 201.0% during the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock valued at $18,233,000 after purchasing an additional 806,359 shares in the last quarter. Wasatch Advisors LP acquired a new stake in shares of Unusual Machines during the second quarter valued at about $8,087,000. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Unusual Machines during the fourth quarter valued at about $2,521,000.

Unusual Machines Trading Up 1.7%

Shares of UMAC opened at $16.93 on Wednesday. The stock has a market capitalization of $809.08 million, a price-to-earnings ratio of -40.31 and a beta of 14.84. Unusual Machines has a 12 month low of $7.24 and a 12 month high of $34.36. The firm has a fifty day simple moving average of $21.27 and a 200 day simple moving average of $17.07.

Unusual Machines (NYSEAMERICAN:UMAC) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.21 EPS 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 the consensus estimate of $5.54 million. Unusual Machines had a negative return on equity of 11.83% and a negative net margin of 32.71%. As a group, research analysts predict that Unusual Machines will post -0.72 earnings per share for the current fiscal year.

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.