Unusual Machines (NYSEAMERICAN:UMAC) Trading 16.6% Higher – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) rose 16.6% on Monday . The company traded as high as $15.45 and last traded at $15.9150. Approximately 1,431,540 shares changed hands during trading, a decline of 57% from the average daily volume of 3,363,703 shares. The stock had previously closed at $13.65.

Wall Street Analyst Weigh In

UMAC has been the topic of a number of recent research reports. ThinkEquity raised Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. JonesTrading started coverage on shares of Unusual Machines in a report on Monday, December 1st. They set a “buy” rating and a $20.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Unusual Machines in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Unusual Machines has an average rating of “Buy” and an average price target of $20.00.

Unusual Machines Trading Up 0.6%

The firm has a market capitalization of $514.48 million, a price-to-earnings ratio of -3.78 and a beta of 22.23. The stock’s fifty day moving average price is $14.28 and its two-hundred day moving average price is $12.44.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Ameritas Advisory Services LLC purchased a new position in Unusual Machines in the third quarter valued at approximately $38,000. Wexford Capital LP acquired a new position in shares of Unusual Machines in the 3rd quarter valued at $40,000. Jones Financial Companies Lllp grew its position in shares of Unusual Machines by 67.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after buying an additional 1,218 shares during the last quarter. Bank of America Corp DE raised its stake in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after acquiring an additional 7,004 shares in the last quarter. Finally, Ankerstar Wealth LLC acquired a new position in Unusual Machines in the fourth quarter valued at $64,000.

Unusual Machines Company Profile

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.