Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 9.9% – Here’s Why

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded up 9.9% during mid-day trading on Tuesday . The stock traded as high as $20.54 and last traded at $20.45. 3,204,407 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 4,029,899 shares. The stock had previously closed at $18.61.

Analysts Set New Price Targets

Several research firms recently issued reports on UMAC. JonesTrading initiated coverage on Unusual Machines in a research note on Monday, December 1st. They set a “buy” rating and a $20.00 target price on the stock. ThinkEquity upgraded shares of Unusual Machines to a “strong-buy” rating in a research note on Monday, November 17th. Finally, Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $20.00.

Unusual Machines Stock Up 9.9%

The company’s fifty day moving average is $15.21 and its two-hundred day moving average is $12.93. The stock has a market cap of $795.30 million, a price-to-earnings ratio of -24.35 and a beta of 22.20.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of UMAC. Granahan Investment Management LLC purchased a new stake in shares of Unusual Machines during the 4th quarter worth $14,708,000. State Street Corp increased its holdings in Unusual Machines by 698.4% in the fourth quarter. State Street Corp now owns 966,184 shares of the company’s stock valued at $12,309,000 after buying an additional 845,173 shares during the last quarter. Tudor Investment Corp ET AL raised its stake in Unusual Machines by 201.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,207,460 shares of the company’s stock valued at $18,233,000 after buying an additional 806,359 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Unusual Machines during the 4th quarter worth about $2,521,000. Finally, Sei Investments Co. purchased a new stake in Unusual Machines during the 3rd quarter worth about $2,652,000.

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.