Unusual Machines’ (UMAC) “Buy” Rating Reaffirmed at Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $20.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 50.26% from the company’s current price.

A number of other research firms also recently issued reports on UMAC. JonesTrading began coverage on shares of Unusual Machines in a research report on Monday, December 1st. They set a “buy” rating and a $20.00 target price for the company. ThinkEquity raised shares of Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Trading Down 3.6%

Shares of UMAC opened at $13.31 on Wednesday. The stock’s fifty day simple moving average is $13.95 and its 200 day simple moving average is $12.32. Unusual Machines has a twelve month low of $4.45 and a twelve month high of $20.15. The firm has a market capitalization of $490.87 million, a P/E ratio of -3.61 and a beta of 22.33.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GWN Securities Inc. acquired a new position in Unusual Machines in the 2nd quarter worth $246,000. Allworth Financial LP purchased a new stake in shares of Unusual Machines during the second quarter worth about $125,000. SBI Securities Co. Ltd. increased its position in shares of Unusual Machines by 159.9% during the second quarter. SBI Securities Co. Ltd. now owns 28,461 shares of the company’s stock worth $244,000 after acquiring an additional 17,510 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Unusual Machines by 89.1% in the second 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 Unusual Machines in the second quarter valued at 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.