BUZZ—Unusual Machines, backed by Trump's son, sees stock price surge as third-quarter revenue exceeds expectations

November 6 - ** Unusual Machines (UMAC.K), a company backed by Donald Trump Jr., saw its share price rise 4.7% in early trading to $11.23

** According to data compiled by London Stock Exchange Group (LSEG), this US drone component manufacturer reported third-quarter revenue of $13.9 million, more than six times the amount from the same period last year and exceeding analysts' expectations of $12.39 million

** The revenue growth was mainly attributed to increased motor output, business expansion of drone battery maker Upgrade Energy, and enhanced production capacity

** The company reported a loss of $0.50 per share this quarter, compared to earnings of $0.05 per share in the same period last year

** UMAC stated: “The loss was almost entirely due to non-cash items, including $18.4 million in unrealized losses on short-term investments and $5.5 million in stock compensation expenses”

** Due to the Republican Party's loss in the election, shares of companies closely associated with the party's most prominent figure, President Donald Trump, have come under pressure, and the company's stock has posted steep declines over the past two trading days

** All nine brokerages covering the stock have given a “Buy” rating; the median target price is $30—LSEG data

** Including today's fluctuations, UMAC shares are down roughly 12% so far this year

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