Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Down 6.5% – Time to Sell?
by Michael Walen · The Markets DailyUnusual Machines, Inc. (NYSEAMERICAN:UMAC – Get Free Report) fell 6.5% during trading on Wednesday . The company traded as low as $17.93 and last traded at $17.4530. 2,094,663 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 5,065,301 shares. The stock had previously closed at $18.67.
Analysts Set New Price Targets
A number of equities research analysts have weighed in 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. Jones Trading assumed coverage on shares of Unusual Machines in a report on Monday, December 1st. They issued a “buy” rating and a $20.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Unusual Machines in a research report on Tuesday, January 13th. Finally, ThinkEquity upgraded Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $20.00.
Read Our Latest Report on UMAC
Unusual Machines Stock Down 8.7%
The firm’s fifty day simple moving average is $12.13 and its 200-day simple moving average is $11.78. The company has a market cap of $615.90 million, a PE ratio of -4.53 and a beta of 22.32.
Institutional Investors Weigh In On Unusual Machines
A number of large investors have recently bought and sold shares of the stock. Ameritas Advisory Services LLC acquired a new position in shares of Unusual Machines in the third quarter worth $38,000. Wexford Capital LP purchased a new stake in Unusual Machines during the 3rd quarter worth about $40,000. Jones Financial Companies Lllp raised its stake in Unusual Machines by 67.7% in the 3rd 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 during the last quarter. Bank of America Corp DE raised 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 last quarter. Finally, Global Retirement Partners LLC purchased a new position in Unusual Machines in the 3rd quarter valued at about $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.