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

Needham & Company LLC reaffirmed their buy rating on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a $20.00 target price on the stock.

Unusual Machines Stock Down 11.4%

Shares of Unusual Machines stock opened at $14.09 on Thursday. Unusual Machines has a 52-week low of $4.67 and a 52-week high of $23.38. The company has a 50 day moving average of $14.70 and a 200 day moving average of $13.45. The company has a market capitalization of $548.95 million, a P/E ratio of -16.77 and a beta of 19.89.

Insider Activity

In other news, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction on 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 sale, the chief financial officer directly owned 514,062 shares of the company’s stock, valued at approximately $9,556,412.58. The trade was a 2.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Andrew Ross Camden sold 9,625 shares of the business’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 $178,736.25. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 35,768 shares of company stock worth $666,037. 7.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Advisory Services LLC purchased a new position in shares of Unusual Machines in the 3rd quarter valued at about $38,000. Wexford Capital LP purchased a new stake in Unusual Machines during the third quarter worth approximately $40,000. Jones Financial Companies Lllp boosted its holdings in 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 purchasing an additional 1,218 shares in the last quarter. Bank of America Corp DE boosted its holdings in Unusual Machines by 7,372.6% in the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after purchasing an additional 7,004 shares in the last quarter. Finally, Ankerstar Wealth LLC purchased a new position in Unusual Machines in the fourth quarter valued at approximately $64,000.

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.