Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped down before the market opened on Friday . The stock had previously closed at $18.60, but opened at $16.92. Unusual Machines shares last traded at $16.23, with a volume of 4,956,120 shares traded.

Analyst Upgrades and Downgrades

UMAC has been the topic of several analyst reports. JonesTrading assumed coverage on Unusual Machines in a research note on Monday, December 1st. They issued a “buy” rating and a $20.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a 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 issued a Hold rating to the 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 Down 20.1%

The business has a 50-day moving average price of $15.51 and a 200-day moving average price of $13.17. The firm has a market capitalization of $578.29 million, a price-to-earnings ratio of -17.70 and a beta of 22.23.

Insider Activity at Unusual Machines

In related news, President Andrew Ross Camden sold 9,625 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the transaction, the president directly owned 356,375 shares of the company’s stock, valued at $6,617,883.75. This represents a 2.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $255,337.50. Following the completion of the sale, the executive owned 96,250 shares of the company’s stock, valued at approximately $1,787,362.50. This trade represents a 12.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 57,942 shares of company stock valued at $710,164 in the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

A number of institutional investors have recently bought and sold shares of the stock. Ameritas Advisory Services LLC purchased a new stake in Unusual Machines during the 3rd quarter worth approximately $38,000. Wexford Capital LP purchased a new position in shares of Unusual Machines in the third quarter worth $40,000. Jones Financial Companies Lllp lifted its stake in shares of Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after buying an additional 1,218 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Unusual Machines during the third quarter worth $76,000. Finally, Ankerstar Wealth LLC purchased a new stake in shares of Unusual Machines during the fourth quarter valued at $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.