Unusual Machines, Inc. (NYSEAMERICAN:UMAC) Sees Large Decrease in Short Interest

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was the recipient of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 1,090,000 shares, a decrease of 13.5% from the February 28th total of 1,260,000 shares. Currently, 9.0% of the shares of the company are sold short. Based on an average daily volume of 1,860,000 shares, the days-to-cover ratio is currently 0.6 days.

Analyst Ratings Changes

Several equities research analysts recently weighed in on UMAC shares. Maxim Group initiated coverage on shares of Unusual Machines in a report on Wednesday, December 18th. They set a “buy” rating and a $18.00 target price on the stock. Litchfield Hills Research assumed coverage on Unusual Machines in a research note on Wednesday, February 19th. They issued a “buy” rating and a $20.00 target price for the company.

Unusual Machines Stock Performance

Shares of NYSEAMERICAN UMAC traded up $0.25 during mid-day trading on Wednesday, reaching $6.40. 397,905 shares of the company were exchanged, compared to its average volume of 1,285,870. The stock has a 50 day moving average of $9.80. Unusual Machines has a 52 week low of $0.98 and a 52 week high of $23.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 2.24.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in Unusual Machines by 329.3% during the 4th quarter. Geode Capital Management LLC now owns 43,214 shares of the company’s stock valued at $727,000 after purchasing an additional 33,148 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Unusual Machines during the fourth quarter valued at about $298,000. Kieckhefer Group LLC bought a new position in Unusual Machines in the fourth quarter worth about $242,000. OMERS ADMINISTRATION Corp purchased a new stake in Unusual Machines in the fourth quarter worth about $209,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Unusual Machines in the fourth quarter worth about $141,000.

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.