Unusual Machines, Inc. (NYSEAMERICAN:UMAC) Short Interest Update

Key Points

• Short interest in Unusual Machines, Inc. decreased by 21.2% in August, totaling 3,130,000 shares as of August 31st.
• The company's stock currently has a consensus rating of "Moderate Buy" with an average target price of $17.67 from analysts.
• Unusual Machines has experienced significant institutional interest, with hedge funds acquiring new positions and increasing stakes in the company recently.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totaling 3,130,000 shares, a decrease of 21.2% from the August 15th total of 3,970,000 shares. Currently, 13.1% of the company's stock are short sold. Based on an average trading volume of 4,460,000 shares, the days-to-cover ratio is currently 0.7 days. Based on an average trading volume of 4,460,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 13.1% of the company's stock are short sold.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently made changes to their positions in UMAC. Jane Street Group LLC acquired a new stake in shares of Unusual Machines during the fourth quarter worth $298,000. OMERS ADMINISTRATION Corp acquired a new position in Unusual Machines during the fourth quarter valued at $209,000. Cambridge Investment Research Advisors Inc. acquired a new position in Unusual Machines during the first quarter valued at $80,000. SBI Securities Co. Ltd. lifted its position in Unusual Machines by 31.0% during the first quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company's stock valued at $70,000 after purchasing an additional 2,591 shares during the period. Finally, Covestor Ltd acquired a new position in Unusual Machines during the first quarter valued at $85,000.

Analysts Set New Price Targets

UMAC has been the topic of several analyst reports. Needham & Company LLC initiated coverage on Unusual Machines in a research report on Tuesday, August 19th. They issued a "buy" rating and a $15.00 price objective on the stock. Zacks Research cut Unusual Machines from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $17.67.

Unusual Machines Price Performance

NYSEAMERICAN UMAC traded up $1.99 on Friday, hitting $13.10. The stock had a trading volume of 7,282,354 shares, compared to its average volume of 2,461,936. The business's fifty day moving average price is $10.35 and its 200 day moving average price is $7.90. Unusual Machines has a 52-week low of $1.28 and a 52-week high of $23.62. The stock has a market cap of $398.90 million, a price-to-earnings ratio of -3.24 and a beta of 22.86.

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.