Unusual Machines (NYSEAMERICAN:UMAC) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $15.00 price objective on the stock.

Unusual Machines Stock Down 3.0%

Shares of UMAC opened at $9.75 on Tuesday. The stock has a market capitalization of $296.79 million, a P/E ratio of -2.41 and a beta of 23.02. The firm has a fifty day simple moving average of $9.52 and a two-hundred day simple moving average of $8.37. Unusual Machines has a twelve month low of $1.28 and a twelve month high of $23.62.

Institutional Investors Weigh In On Unusual Machines

Institutional investors have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. purchased a new stake in Unusual Machines during the 1st quarter valued at $27,000. Bank of America Corp DE boosted its position in Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after buying an additional 7,004 shares during the period. SBI Securities Co. Ltd. boosted its position in Unusual Machines by 31.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company’s stock valued at $70,000 after buying an additional 2,591 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Unusual Machines in the 1st quarter worth $80,000. Finally, NewEdge Advisors LLC bought a new position in Unusual Machines in the 4th quarter worth $84,000.

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.