Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 9.8% – Still a Buy?

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) were up 9.8% on Wednesday . The stock traded as high as $16.45 and last traded at $16.46. Approximately 4,790,082 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 4,995,539 shares. The stock had previously closed at $14.99.

Wall Street Analyst Weigh In

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

Unusual Machines Trading Up 6.0%

The firm has a market capitalization of $682.65 million, a PE ratio of -5.02 and a beta of 22.32. The firm has a 50 day simple moving average of $11.38 and a 200 day simple moving average of $11.45.

Institutional Investors Weigh In On Unusual Machines

Several large investors have recently bought and sold shares of UMAC. Jones Financial Companies Lllp raised 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 buying an additional 1,218 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Unusual Machines in the third quarter worth approximately $38,000. Wexford Capital LP bought a new stake in shares of Unusual Machines in the third quarter worth approximately $40,000. CIBC Private Wealth Group LLC raised its holdings 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 valued at $106,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in Unusual Machines during the third quarter valued at approximately $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.