Unusual Machines (NYSEAMERICAN:UMAC) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Unusual Machines (NYSEAMERICAN:UMAC) from a hold rating to a strong sell rating in a report released on Wednesday morning,Zacks.com reports.

Separately, Needham & Company LLC assumed coverage on Unusual Machines in a report on Tuesday. They set a “buy” rating and a $15.00 price objective for the company. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.67.

Unusual Machines Price Performance

Unusual Machines stock opened at $11.07 on Wednesday. The business has a 50 day simple moving average of $9.65 and a 200 day simple moving average of $8.34. The company has a market capitalization of $336.97 million, a PE ratio of -2.74 and a beta of 23.02. Unusual Machines has a one year low of $1.28 and a one year high of $23.62.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of UMAC. Tower Research Capital LLC TRC raised its position in Unusual Machines by 4,639.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after buying an additional 13,084 shares during the last quarter. Bluefin Capital Management LLC acquired a new position in Unusual Machines during the 2nd quarter worth approximately $166,000. Bank of America Corp DE grew its stake in shares of 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 worth $61,000 after acquiring an additional 7,004 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Unusual Machines in the second quarter valued at approximately $1,251,000. Finally, Connective Capital Management LLC bought a new stake in shares of Unusual Machines in the second quarter worth $636,000.

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.