Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up – What’s Next?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped up prior to trading on Friday . The stock had previously closed at $14.97, but opened at $16.15. Unusual Machines shares last traded at $17.06, with a volume of 4,764,080 shares trading hands.

Analyst Ratings Changes

Several analysts recently commented on the stock. Needham & Company LLC raised their price objective on shares of Unusual Machines from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Zacks Research cut shares of Unusual Machines from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 20th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Unusual Machines currently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Unusual Machines Price Performance

The company has a market cap of $498.77 million, a price-to-earnings ratio of -4.05 and a beta of 22.45. The business’s 50-day simple moving average is $10.98 and its 200-day simple moving average is $8.44.

Institutional Investors Weigh In On Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in shares of Unusual Machines by 4,639.7% during the second quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock worth $115,000 after buying an additional 13,084 shares in the last quarter. Bluefin Capital Management LLC purchased a new stake in shares of Unusual Machines during the second quarter worth about $166,000. Bank of America Corp DE grew its holdings in shares of Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after buying an additional 7,004 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Unusual Machines during the second quarter worth about $1,251,000. Finally, Connective Capital Management LLC purchased a new stake in shares of Unusual Machines during the second quarter worth about $636,000.

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.