Is the Umarex Hammer truly regulated?

Or is there merely some restriction between plenum and tank?

Here is a shot string that clearly shows drop at every shot and they're no way near each other (neither in speed or duration):





https://youtu.be/oCHsDxT7Y-c?t=118







A select few has posted shot strings over at GTA and they show the same drop for every shot.

https://www.gatewaytoairguns.org/GTA/index.php?topic=168994.0



So my question to all you Hammer owners: Is this truly a regulated airgun (with a bad/creepy valve) or is it merely a plenum connected to the main tank through a small hole?
 
Doesn't matte bigbore or small bore. If it is regulated it shouldn't shoot like that. I have a feeling it is the reg they are using. Ninja makes it and I never could get one to work consistently.

I have a custom 50 Texan and have a reg setup for it. I get 8 shots with 380 gr around 930 fps on 3100 psi. I get about a 10 fps spread the last time I checked. 

Sad because I use a $20 Chinese reg that has been massaged. Never could get the Ninja regs to work. Striped them of there gauges and fill nipples then tossed them in the trash. Had 3 that came with my tanks that were 4500/3000 set output. I have even run the Chinese reg at 3400 with no issues.