Unusual Machines (NYSEAMERICAN:UMAC) Hits New 52-Week High – Should You Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price reached a new 52-week high on Friday . The stock traded as high as $17.82 and last traded at $17.46, with a volume of 6526583 shares. The stock had previously closed at $16.53.

Analyst Ratings Changes

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

Unusual Machines Stock Up 5.6%

The stock has a 50 day moving average of $11.23 and a 200 day moving average of $11.38. The firm has a market cap of $643.92 million, a price-to-earnings ratio of -4.73 and a beta of 22.32.

Institutional Trading of Unusual Machines

A number of institutional investors and hedge funds have recently made changes to their positions in UMAC. Ameritas Advisory Services LLC bought a new position in Unusual Machines in the third quarter valued at approximately $38,000. Wexford Capital LP bought a new stake in Unusual Machines during the third quarter worth $40,000. Jones Financial Companies Lllp boosted its holdings 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 purchasing an additional 1,218 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Unusual Machines by 7,372.6% in the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after purchasing an additional 7,004 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Unusual Machines during the 3rd quarter worth $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.