Unusual Machines (NYSEAMERICAN:UMAC) Sets New 52-Week High – Time to Buy?

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) hit a new 52-week high on Friday . The stock traded as high as $17.82 and last traded at $17.46, with a volume of 6526583 shares. The stock had previously closed at $16.53.

Analyst Ratings Changes

Several equities analysts have recently commented on UMAC shares. Jones Trading initiated coverage on shares of Unusual Machines in a research report on Monday, December 1st. They set a “buy” rating and a $20.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a research note on Tuesday, January 13th. ThinkEquity upgraded Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. Finally, Zacks Research upgraded Unusual Machines from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Price Performance

The company has a fifty day simple moving average of $11.38 and a two-hundred day simple moving average of $11.47. The company has a market capitalization of $682.65 million, a P/E ratio of -5.02 and a beta of 22.32.

Institutional Investors Weigh In On Unusual Machines

A number of large investors have recently added to or reduced their stakes in the stock. Ameritas Advisory Services LLC acquired a new position in Unusual Machines during the third quarter valued at approximately $38,000. Wexford Capital LP acquired a new position in Unusual Machines in the 3rd quarter valued at $40,000. Jones Financial Companies Lllp raised its holdings in Unusual Machines by 67.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after acquiring an additional 1,218 shares during the period. Bank of America Corp DE lifted 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 worth $61,000 after acquiring an additional 7,004 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in Unusual Machines during the 3rd quarter worth $76,000.

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. Unusual Machines, Inc was incorporated in 2019 and is based in Orlando, Florida.