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

Needham & Company LLC reiterated their buy rating on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $20.00 price objective on the stock.

Unusual Machines Stock Up 7.0%

NYSEAMERICAN:UMAC opened at $16.45 on Wednesday. The firm has a market cap of $640.89 million, a PE ratio of -19.58 and a beta of 19.89. Unusual Machines has a 12 month low of $4.67 and a 12 month high of $23.38. The company’s 50-day moving average price is $14.87 and its two-hundred day moving average price is $13.45.

Insider Buying and Selling at Unusual Machines

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total value of $255,337.50. Following the transaction, the executive directly owned 96,250 shares in the company, valued at $1,787,362.50. The trade was a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.59, for a total transaction of $212,167.67. Following the completion of the transaction, the chief financial officer owned 514,062 shares in the company, valued at approximately $9,556,412.58. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 35,768 shares of company stock worth $666,037 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

A number of institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its stake in shares of Unusual Machines by 67.7% in the third 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 last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock worth $148,000 after acquiring an additional 2,116 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after acquiring an additional 2,169 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Unusual Machines in the third quarter worth about $38,000. Finally, Wexford Capital LP bought a new position in shares of Unusual Machines in the third quarter worth about $40,000.

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.