Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 5.9% – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price fell 5.9% during mid-day trading on Wednesday . The stock traded as low as $14.95 and last traded at $15.0550. 1,670,074 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 3,961,077 shares. The stock had previously closed at $16.00.

Analyst Upgrades and Downgrades

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

Unusual Machines Trading Down 6.1%

The stock has a market capitalization of $522.59 million, a PE ratio of -3.84 and a beta of 22.32. The stock’s fifty day simple moving average is $10.93 and its 200-day simple moving average is $11.12.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently added to or reduced their stakes in UMAC. Ameritas Advisory Services LLC purchased a new position in shares of Unusual Machines in the 3rd quarter worth approximately $38,000. Wexford Capital LP bought a new stake in Unusual Machines during the third quarter worth $40,000. Jones Financial Companies Lllp boosted its position in Unusual Machines by 67.7% in the third 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 last quarter. Bank of America Corp DE grew its stake in Unusual Machines by 7,372.6% in the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after purchasing an additional 7,004 shares during the period. Finally, Global Retirement Partners LLC bought a new position in Unusual Machines in the 3rd quarter valued at $76,000.

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.