Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – Time to Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) shares gapped up prior to trading on Wednesday . The stock had previously closed at $12.40, but opened at $13.34. Unusual Machines shares last traded at $12.88, with a volume of 1,209,788 shares.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $20.00.

Unusual Machines Trading Up 10.2%

The firm has a fifty day moving average price of $14.82 and a 200 day moving average price of $13.37. The firm has a market cap of $529.86 million, a PE ratio of -16.19 and a beta of 19.89.

Insiders Place Their Bets

In other Unusual Machines news, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.59, for a total transaction of $212,167.67. Following the transaction, the chief financial officer directly owned 514,062 shares of the company’s stock, valued at $9,556,412.58. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $178,736.25. Following the completion of the transaction, the president owned 356,375 shares in the company, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,768 shares of company stock valued at $666,037 over the last ninety days. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Ameritas Advisory Services LLC acquired a new stake in Unusual Machines during the third quarter worth $38,000. Wexford Capital LP acquired a new position in shares of Unusual Machines in the 3rd quarter valued at $40,000. Jones Financial Companies Lllp grew its holdings in shares of Unusual Machines by 67.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after purchasing an additional 1,218 shares during the period. Global Retirement Partners LLC purchased a new position in shares of Unusual Machines during the 3rd quarter worth $76,000. Finally, Ankerstar Wealth LLC acquired a new stake in shares of Unusual Machines during the 4th quarter worth about $64,000.

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.