Unusual Machines (NYSEAMERICAN:UMAC) Trading 9.4% Higher – Time to Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price rose 9.4% during mid-day trading on Monday . The company traded as high as $13.86 and last traded at $13.9750. Approximately 1,584,771 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 4,178,742 shares. The stock had previously closed at $12.77.

Analysts Set New Price Targets

A number of analysts recently issued reports on UMAC shares. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Unusual Machines in a research report on Tuesday, January 13th. Jones Trading initiated coverage on shares of Unusual Machines in a report on Monday, December 1st. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, ThinkEquity upgraded Unusual Machines to a “strong-buy” rating in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $20.00.

Unusual Machines Price Performance

The stock’s fifty day simple moving average is $13.39 and its two-hundred day simple moving average is $12.08. The company has a market capitalization of $513.74 million, a price-to-earnings ratio of -3.78 and a beta of 22.34.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in UMAC. Ameritas Advisory Services LLC acquired a new position in shares of Unusual Machines during the third quarter valued at $38,000. Wexford Capital LP acquired a new position in Unusual Machines during the 3rd quarter valued at about $40,000. Jones Financial Companies Lllp grew its position in 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 purchasing an additional 1,218 shares during the last quarter. Global Retirement Partners LLC bought a new position in Unusual Machines in the 3rd quarter worth about $76,000. Finally, CIBC Private Wealth Group LLC boosted its position in shares of Unusual Machines by 133.3% during the third quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company’s stock worth $106,000 after buying an additional 4,000 shares during the period.

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.