Unusual Machines’ (UMAC) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a report published on Thursday,Benzinga reports. They currently have a $20.00 price objective on the stock.

Unusual Machines Price Performance

UMAC opened at $15.91 on Thursday. The business has a fifty day simple moving average of $14.67 and a 200 day simple moving average of $13.46. The company has a market capitalization of $619.85 million, a PE ratio of -18.94 and a beta of 19.89. Unusual Machines has a 1 year low of $4.67 and a 1 year high of $23.38.

Insider Activity

In other news, CRO Stacy Rochelle Wright sold 13,750 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $255,337.50. Following the completion of the sale, the executive directly owned 96,250 shares in the company, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $178,736.25. Following the sale, the president owned 356,375 shares of the company’s stock, valued at approximately $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 35,768 shares of company stock worth $666,037. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of Unusual Machines

A number of institutional investors have recently modified their holdings of UMAC. Geode Capital Management LLC lifted its position in shares of Unusual Machines by 89.1% during the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock valued at $1,911,000 after acquiring an additional 105,020 shares during the period. Jump Financial LLC bought a new stake in shares of Unusual Machines during the 2nd quarter valued at $1,251,000. Bank of America Corp DE lifted its position 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 valued at $61,000 after acquiring an additional 7,004 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Unusual Machines by 4,639.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after acquiring an additional 13,084 shares during the period. Finally, Kieckhefer Group LLC lifted its position in shares of Unusual Machines by 330.6% during the 3rd quarter. Kieckhefer Group LLC now owns 62,000 shares of the company’s stock valued at $936,000 after acquiring an additional 47,600 shares during the period.

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.