Unusual Machines (NYSEAMERICAN:UMAC) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• Unusual Machines (NYSEAMERICAN:UMAC) was downgraded from a "hold" to a "strong sell" rating by Zacks Research, indicating significant concerns about the company's performance.
• In contrast, Needham & Company LLC initiated coverage with a "buy" rating and set a price target of $15.00, suggesting some analysts still see potential for the stock.
• The stock's performance has been volatile, with a 1-year low of $1.28 and a high of $23.62, reflecting the uncertainty around its market position and future profitability.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Wednesday,Zacks.com reports.

Separately, Needham & Company LLC initiated coverage on Unusual Machines in a report on Tuesday. They issued a "buy" rating and a $15.00 price target for the company. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Unusual Machines currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.67.

Unusual Machines Price Performance

Shares of UMAC stock opened at $10.51 on Wednesday. Unusual Machines has a 1-year low of $1.28 and a 1-year high of $23.62. The stock's fifty day moving average price is $9.60 and its 200 day moving average price is $8.34. The company has a market cap of $319.92 million, a price-to-earnings ratio of -2.60 and a beta of 23.02.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds have recently added to or reduced their stakes in UMAC. Edmond DE Rothschild Holding S.A. acquired a new stake in Unusual Machines during the 1st quarter worth about $27,000. NewEdge Advisors LLC purchased a new stake in shares of Unusual Machines in the fourth quarter worth about $84,000. Bank of America Corp DE grew its holdings in Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company's stock worth $61,000 after acquiring an additional 7,004 shares during the period. NTV Asset Management LLC acquired a new stake in Unusual Machines during the second quarter worth about $86,000. Finally, SBI Securities Co. Ltd. raised 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 acquiring an additional 2,591 shares in the last quarter.

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.

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