Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $15.50, but opened at $14.91. Unusual Machines shares last traded at $15.4830, with a volume of 555,685 shares traded.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. ThinkEquity raised Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. Needham & Company LLC reiterated a “buy” rating on shares of Unusual Machines in a research report on Monday. Jones Trading started coverage on shares of Unusual Machines in a report on Monday, December 1st. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Zacks Research upgraded shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $20.00.

Unusual Machines Trading Up 2.2%

The stock has a market capitalization of $553.09 million, a price-to-earnings ratio of -4.08 and a beta of 22.32. The business has a 50 day simple moving average of $10.93 and a 200-day simple moving average of $11.09.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Advisory Services LLC acquired a new position in shares of Unusual Machines in the 3rd quarter valued at $38,000. Wexford Capital LP purchased a new position in shares of Unusual Machines in the 3rd quarter worth $40,000. Jones Financial Companies Lllp raised 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 worth $46,000 after buying an additional 1,218 shares during the period. Bank of America Corp DE boosted its holdings in Unusual Machines by 7,372.6% in the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after acquiring an additional 7,004 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in Unusual Machines during the third quarter valued at about $76,000.

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.