Needham & Company LLC Initiates Coverage on Unusual Machines (NYSEAMERICAN:UMAC)

Key Points

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Needham & Company LLC assumed coverage on shares of Unusual Machines (NYSEAMERICAN:UMAC - Free Report) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $15.00 price objective on the stock.

Unusual Machines Price Performance

UMAC traded up $0.56 during trading hours on Tuesday, reaching $11.07. The company's stock had a trading volume of 3,672,481 shares, compared to its average volume of 2,629,587. Unusual Machines has a fifty-two week low of $1.28 and a fifty-two week high of $23.62. The stock has a market cap of $336.97 million, a PE ratio of -2.74 and a beta of 23.02. The business's 50-day moving average is $9.65 and its 200-day moving average is $8.31.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Edmond DE Rothschild Holding S.A. acquired a new position in Unusual Machines in the first quarter valued at approximately $27,000. Bank of America Corp DE lifted 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 acquiring an additional 7,004 shares during the last quarter. SBI Securities Co. Ltd. lifted its holdings in Unusual Machines by 31.0% in the first quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company's stock valued at $70,000 after acquiring an additional 2,591 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Unusual Machines in the first quarter valued at approximately $80,000. Finally, NewEdge Advisors LLC acquired a new position in Unusual Machines in the fourth quarter valued at approximately $84,000.

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.