Unusual Machines (NYSEAMERICAN:UMAC) Trading 9.8% Higher – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price shot up 9.8% during trading on Wednesday . The stock traded as high as $16.45 and last traded at $16.46. 4,790,082 shares traded hands during trading, a decline of 4% from the average session volume of 4,995,539 shares. The stock had previously closed at $14.99.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a research note on Tuesday. Zacks Research raised Unusual Machines from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Jones Trading began coverage on Unusual Machines in a research report on Monday, December 1st. They issued a “buy” rating and a $20.00 price target on the stock. Finally, ThinkEquity raised Unusual Machines to a “strong-buy” rating in a research note on Monday, November 17th. One investment 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 company. According to MarketBeat.com, Unusual Machines presently has an average rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Stock Performance

The company has a market capitalization of $609.63 million, a price-to-earnings ratio of -4.48 and a beta of 22.32. The company has a 50 day moving average price of $11.00 and a 200 day moving average price of $11.30.

Institutional Trading of Unusual Machines

Several hedge funds have recently bought and sold shares of UMAC. Ameritas Advisory Services LLC bought a new position in shares of Unusual Machines in the third quarter valued at $38,000. Wexford Capital LP bought a new stake in shares of Unusual Machines during the third quarter worth about $40,000. Jones Financial Companies Lllp lifted 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 valued at $46,000 after acquiring an additional 1,218 shares in the last quarter. Bank of America Corp DE increased its holdings in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after purchasing an additional 7,004 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in shares of Unusual Machines in the third quarter worth approximately $76,000.

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.