Unusual Machines (NYSEAMERICAN:UMAC) Earns “Buy” Rating from Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 45.35% from the company’s current price.

Several other brokerages have also issued reports on UMAC. JonesTrading 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 for the company. ThinkEquity upgraded shares of 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, two have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $20.00.

Unusual Machines Stock Up 2.4%

Shares of UMAC stock opened at $13.76 on Wednesday. The business’s fifty day moving average is $14.14 and its 200 day moving average is $12.33. The stock has a market cap of $507.47 million, a price-to-earnings ratio of -3.73 and a beta of 22.33. Unusual Machines has a twelve month low of $4.45 and a twelve month high of $20.15.

Institutional Trading of Unusual Machines

A number of hedge funds and other institutional investors have recently made changes to their positions in UMAC. GWN Securities Inc. acquired a new stake in shares of Unusual Machines in the second quarter valued at $246,000. Allworth Financial LP acquired a new stake in Unusual Machines in the second quarter valued at $125,000. SBI Securities Co. Ltd. boosted its holdings in Unusual Machines by 159.9% in the second quarter. SBI Securities Co. Ltd. now owns 28,461 shares of the company’s stock valued at $244,000 after purchasing an additional 17,510 shares in the last quarter. Geode Capital Management LLC raised its stake in Unusual Machines by 89.1% during the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after acquiring an additional 105,020 shares in the last quarter. Finally, Connective Capital Management LLC purchased a new position in shares of Unusual Machines during the second quarter worth about $636,000.

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.