Unusual Machines (NYSEAMERICAN:UMAC) Reaches New 12-Month High – Still a Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $20.15 and last traded at $16.95, with a volume of 6626985 shares trading hands. The stock had previously closed at $18.67.

Analysts Set New Price Targets

Several analysts have recently commented on UMAC shares. Jones Trading assumed coverage on shares of Unusual Machines in a report on Monday, December 1st. They issued a “buy” rating and a $20.00 target price for the company. ThinkEquity raised shares of Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Unusual Machines in a research note on Tuesday, January 13th. Finally, Zacks Research raised shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a research 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 given a Hold rating to the company. Based on data from MarketBeat, Unusual Machines currently has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Stock Down 8.7%

The company’s 50-day moving average is $12.13 and its two-hundred day moving average is $11.78. The company has a market cap of $615.90 million, a P/E ratio of -4.53 and a beta of 22.32.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds have recently modified their holdings of UMAC. Ameritas Advisory Services LLC purchased a new position in Unusual Machines in the third quarter valued at approximately $38,000. Wexford Capital LP bought a new stake in shares of Unusual Machines in the third quarter valued at $40,000. Jones Financial Companies Lllp lifted its position in shares of Unusual Machines by 67.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after buying an additional 1,218 shares during the last quarter. 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 buying an additional 7,004 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in shares of 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.