Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 9.5% – Here’s Why

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) dropped 9.5% during mid-day trading on Wednesday . The company traded as low as $14.60 and last traded at $13.9440. Approximately 214,695 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 4,251,632 shares. The stock had previously closed at $15.41.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on UMAC. ThinkEquity raised shares of Unusual Machines to a “strong-buy” rating in a report on Monday, November 17th. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a report on Tuesday, January 13th. Finally, Jones Trading initiated coverage on Unusual Machines in a research note on Monday, December 1st. They issued a “buy” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Trading Down 18.1%

The stock has a market capitalization of $465.57 million, a PE ratio of -3.42 and a beta of 22.33. The firm’s 50-day moving average price is $13.07 and its 200-day moving average price is $12.02.

Institutional Investors Weigh In On Unusual Machines

A number of large investors have recently bought and sold shares of the company. Ameritas Advisory Services LLC acquired a new stake in shares of Unusual Machines in the third quarter worth $38,000. Wexford Capital LP purchased a new stake in shares of Unusual Machines in the 3rd quarter valued at approximately $40,000. Jones Financial Companies Lllp boosted its holdings in shares of Unusual Machines by 67.7% in the third 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 during the period. Global Retirement Partners LLC purchased a new position in shares of Unusual Machines in the 3rd quarter valued at about $76,000. Finally, CIBC Private Wealth Group LLC boosted its position in Unusual Machines by 133.3% during the third quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company’s stock worth $106,000 after acquiring an additional 4,000 shares during the last quarter.

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.