Harbor Capital Advisors Inc. Invests $578,000 in Unusual Machines, Inc. $UMAC

Harbor Capital Advisors Inc. purchased a new position in shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 45,330 shares of the company’s stock, valued at approximately $578,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its position in Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after purchasing an additional 1,218 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in Unusual Machines during the third quarter worth $38,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines in the 3rd quarter valued at $40,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Unusual Machines by 133.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company’s stock valued at $106,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in shares of Unusual Machines in the 3rd quarter valued at $76,000.

Wall Street Analysts Forecast Growth

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

Insider Activity at Unusual Machines

In related news, CFO Brian Joseph Hoff sold 11,413 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following the completion of the transaction, the chief financial officer owned 514,062 shares of the company’s stock, valued at $9,556,412.58. This represents a 2.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Andrew Ross Camden sold 9,625 shares of the firm’s stock in a transaction that occurred on 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 sale, the president owned 356,375 shares in the company, valued at $6,617,883.75. This represents a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 35,768 shares of company stock valued at $666,037 in the last quarter. Insiders own 7.50% of the company’s stock.

Unusual Machines Trading Up 0.8%

UMAC opened at $13.71 on Tuesday. The company’s 50 day moving average is $14.73 and its 200-day moving average is $13.43. Unusual Machines, Inc. has a 1-year low of $4.45 and a 1-year high of $23.38. The company has a market cap of $534.14 million, a P/E ratio of -16.32 and a beta of 19.89.

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.