Unusual Machines (NYSEAMERICAN:UMAC) Earns Buy Rating from Needham & Company LLC

Key Points

• Analysts at Needham & Company LLC reissued a Buy rating with a $20.00 price target, implying roughly a 32.4% upside from the prior close.
• Market consensus is a Buy (one Strong Buy, three Buy, one Hold) with an average target of $20.00.
• Shares traded up to $15.10 on heavy volume, giving a market cap of about $557 million, a negative P/E of -4.06 and an extremely high beta of 22.32, signaling significant volatility.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $20.00 price target on the stock. Needham & Company LLC's target price would indicate a potential upside of 32.43% from the company's previous close.

A number of other analysts have also recently weighed in on UMAC. Zacks Research upgraded shares of Unusual Machines from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Jones Trading assumed coverage on Unusual Machines in a report on Monday, December 1st. They set a "buy" rating and a $20.00 target price on the stock. Finally, ThinkEquity upgraded Unusual Machines to a "strong-buy" rating in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Unusual Machines currently has a consensus rating of "Buy" and an average price target of $20.00.

Unusual Machines Trading Up 2.5%

Shares of UMAC traded up $0.36 during trading hours on Tuesday, hitting $15.10. The company had a trading volume of 2,300,947 shares, compared to its average volume of 4,720,340. The company has a market capitalization of $556.96 million, a PE ratio of -4.06 and a beta of 22.32. Unusual Machines has a one year low of $4.45 and a one year high of $17.48. The company's fifty day moving average price is $10.94 and its two-hundred day moving average price is $11.25.

Institutional Investors Weigh In On Unusual Machines

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Advisory Services LLC acquired a new position in shares of Unusual Machines in the third quarter valued at approximately $38,000. Wexford Capital LP acquired a new stake in shares of Unusual Machines during the 3rd quarter valued at approximately $40,000. Jones Financial Companies Lllp grew its holdings in shares of Unusual Machines by 67.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company's stock worth $46,000 after acquiring an additional 1,218 shares during the period. Global Retirement Partners LLC acquired a new position in Unusual Machines during the third quarter worth $76,000. Finally, CIBC Private Wealth Group LLC lifted its position in Unusual Machines by 133.3% during the third quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company's stock worth $106,000 after buying an additional 4,000 shares during the period.

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. Unusual Machines, Inc was incorporated in 2019 and is based in Orlando, Florida.

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