Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 0.5% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price traded up 0.5% during trading on Wednesday . The company traded as high as $13.35 and last traded at $13.07. 1,869,448 shares changed hands during trading, a decline of 9% from the average session volume of 2,048,337 shares. The stock had previously closed at $13.01.

Analysts Set New Price Targets

UMAC has been the topic of a number of recent analyst reports. Zacks Research raised shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. ThinkEquity upgraded shares of Unusual Machines to a “strong-buy” rating in a report on Monday, November 17th. Jones Trading started coverage on Unusual Machines in a research note on Monday, December 1st. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Stock Performance

The firm has a market capitalization of $482.02 million, a PE ratio of -3.54 and a beta of 22.59. The stock’s 50-day simple moving average is $10.88 and its 200-day simple moving average is $10.77.

Hedge Funds Weigh In On Unusual Machines

A number of institutional investors have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. purchased a new stake in Unusual Machines in the first quarter worth about $27,000. Ameritas Advisory Services LLC bought a new position in shares of Unusual Machines in the 3rd quarter worth approximately $38,000. Wexford Capital LP bought a new position in shares of Unusual Machines in the 3rd quarter worth approximately $40,000. Jones Financial Companies Lllp lifted its stake 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 during the period. Finally, Bank of America Corp DE boosted its position in shares of Unusual Machines by 7,372.6% during the second 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 in the last quarter.

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.