Unusual Machines (NYSEAMERICAN:UMAC) Price Target Raised to $22.00 at Needham & Company LLC

Unusual Machines (NYSEAMERICAN:UMAC) had its price target boosted by analysts at Needham & Company LLC from $20.00 to $22.00 in a note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 29.95% from the stock’s current price.

Separately, Roth Mkm assumed coverage on shares of Unusual Machines in a research report on Wednesday. They set a “buy” rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $22.33.

Unusual Machines Trading Up 13.1%

Shares of UMAC stock opened at $16.93 on Friday. The firm has a fifty day simple moving average of $15.26 and a two-hundred day simple moving average of $13.53. Unusual Machines has a 12 month low of $4.67 and a 12 month high of $23.38. The firm has a market capitalization of $659.59 million, a PE ratio of -20.15 and a beta of 14.32.

Insiders Place Their Bets

In other news, CFO Brian Joseph Hoff sold 11,413 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following the completion of the sale, the chief financial officer owned 514,062 shares in the company, valued at $9,556,412.58. This represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Andrew Ross Camden sold 9,625 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $178,736.25. Following the transaction, the president directly owned 356,375 shares in the company, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,768 shares of company stock valued at $666,037 in the last three months. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors have recently added to or reduced their stakes in UMAC. Jones Financial Companies Lllp grew its holdings in Unusual Machines by 67.7% during 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 during the period. Caitong International Asset Management Co. Ltd increased its holdings in Unusual Machines by 22.2% in the 4th 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. boosted its position in Unusual Machines by 54.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock worth $79,000 after purchasing an additional 2,169 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of Unusual Machines during the 3rd quarter valued at approximately $38,000. Finally, Wexford Capital LP bought a new stake in Unusual Machines during the 3rd quarter valued at $40,000.

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.