Short Interest in Unusual Machines, Inc. (NYSEAMERICAN:UMAC) Grows By 47.7%

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 2,200,000 shares, an increase of 47.7% from the April 30th total of 1,490,000 shares. Currently, 11.1% of the shares of the stock are short sold. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is currently 2.0 days.

Unusual Machines Stock Down 11.1%

Unusual Machines stock traded down $0.81 during trading on Thursday, reaching $6.52. The company had a trading volume of 5,459,406 shares, compared to its average volume of 1,714,000. The firm's 50-day simple moving average is $5.51 and its 200 day simple moving average is $7.18. Unusual Machines has a 1-year low of $1.13 and a 1-year high of $23.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.24 and a quick ratio of 0.95.

Insiders Place Their Bets

In related news, CFO Brian Joseph Hoff sold 83,775 shares of the company's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $5.70, for a total transaction of $477,517.50. Following the sale, the chief financial officer now owns 359,225 shares of the company's stock, valued at $2,047,582.50. This represents a 18.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 22.20% of the company's stock.

Institutional Investors Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently added to or reduced their stakes in UMAC. SBI Securities Co. Ltd. acquired a new position in shares of Unusual Machines during the 4th quarter valued at about $141,000. Signaturefd LLC acquired a new position in shares of Unusual Machines during the 4th quarter valued at about $25,000. Geode Capital Management LLC boosted its position in shares of Unusual Machines by 329.3% during the 4th quarter. Geode Capital Management LLC now owns 43,214 shares of the company's stock valued at $727,000 after acquiring an additional 33,148 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Unusual Machines during the 4th quarter valued at about $84,000. Finally, Jane Street Group LLC acquired a new position in shares of Unusual Machines during the 4th quarter valued at about $298,000.

Wall Street Analyst Weigh In

Separately, Litchfield Hills Research started coverage on shares of Unusual Machines in a report on Wednesday, February 19th. They set a "buy" rating and a $20.00 target price on the stock.

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.