Unusual Machines (NYSEAMERICAN:UMAC) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $20.00 price objective on the stock.

Several other equities analysts have also commented on UMAC. ThinkEquity upgraded shares of Unusual Machines to a “strong-buy” rating in a report on Monday, November 17th. JonesTrading initiated coverage on Unusual Machines in a research note on Monday, December 1st. They set a “buy” rating and a $20.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Unusual Machines currently has an average rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Trading Up 1.0%

Shares of UMAC opened at $13.44 on Wednesday. The firm has a market cap of $495.67 million, a P/E ratio of -3.64 and a beta of 22.33. Unusual Machines has a 12-month low of $4.45 and a 12-month high of $20.15. The company’s 50-day moving average price is $14.04 and its 200 day moving average price is $12.32.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors have recently modified their holdings of UMAC. 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 valued at $46,000 after acquiring an additional 1,218 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in Unusual Machines during the 3rd quarter worth $38,000. Wexford Capital LP purchased a new stake in Unusual Machines during the 3rd quarter worth about $40,000. Cetera Investment Advisers raised its position in Unusual Machines by 37.1% in the 4th quarter. Cetera Investment Advisers now owns 14,531 shares of the company’s stock valued at $185,000 after purchasing an additional 3,929 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Unusual Machines by 133.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company’s stock valued at $106,000 after buying an additional 4,000 shares during the period.

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.