Unusual Machines (NYSEAMERICAN:UMAC) Reaches New 1-Year High – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price reached a new 52-week high on Friday . The stock traded as high as $17.82 and last traded at $17.46, with a volume of 6526583 shares trading hands. The stock had previously closed at $16.53.

Wall Street Analysts Forecast Growth

UMAC has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Unusual Machines in a report on Tuesday. Jones Trading began coverage on shares of Unusual Machines in a research report on Monday, December 1st. They set a “buy” rating and a $20.00 price objective for the company. ThinkEquity raised shares of Unusual Machines to a “strong-buy” rating in a research note on Monday, November 17th. Finally, Zacks Research upgraded shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Unusual Machines has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Price Performance

The company has a fifty day moving average price of $11.23 and a two-hundred day moving average price of $11.38. The company has a market capitalization of $643.92 million, a P/E ratio of -4.73 and a beta of 22.32.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently added to or reduced their stakes in UMAC. Connective Capital Management LLC acquired a new position in shares of Unusual Machines during the second quarter worth $636,000. GWN Securities Inc. bought a new position in Unusual Machines during the 2nd quarter worth $246,000. Allworth Financial LP acquired a new position in Unusual Machines during the 2nd quarter worth about $125,000. Kieckhefer Group LLC grew its position in shares of Unusual Machines by 330.6% in the 3rd quarter. Kieckhefer Group LLC now owns 62,000 shares of the company’s stock valued at $936,000 after buying an additional 47,600 shares during the last quarter. Finally, NTV Asset Management LLC bought a new stake in shares of Unusual Machines in the 2nd quarter valued at about $86,000.

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.