Unusual Machines (NYSEAMERICAN:UMAC) Trading Up 16.6% – Should You Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) traded up 16.6% during trading on Monday . The company traded as high as $15.45 and last traded at $15.9150. 1,431,540 shares were traded during mid-day trading, a decline of 57% from the average session volume of 3,363,703 shares. The stock had previously closed at $13.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on UMAC shares. JonesTrading assumed coverage on shares of Unusual Machines in a report on Monday, December 1st. They issued a “buy” rating and a $20.00 price target on the stock. ThinkEquity raised shares of Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Unusual Machines currently has an average rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Stock Up 3.6%

The company’s fifty day moving average price is $14.22 and its two-hundred day moving average price is $12.39. The company has a market cap of $521.48 million, a price-to-earnings ratio of -3.83 and a beta of 22.20.

Hedge Funds Weigh In On Unusual Machines

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

Unusual Machines Company Profile

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.