Unusual Machines (NYSEAMERICAN:UMAC) Given Buy Rating at Needham & Company LLC

Key Points

• Needham reissued a "Buy" rating on Unusual Machines with a $20.00 price target, implying roughly a 29.7% upside from the recent close.
• Insider sales noted: the president and CRO sold shares on March 16, and insiders have sold 35,768 shares (~$666,037) in the last 90 days while owning about 7.5% of the stock.
• Unusual Machines makes ultra-low latency video goggles for drone pilots and has a market cap of about $600.8M, a negative PE (-18.36) and an extremely high beta (19.89), with a 1-year trading range of $4.67 to $23.38.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report)'s stock had its "buy" rating reissued by Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $20.00 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 29.70% from the stock's previous close.

Unusual Machines Price Performance

NYSEAMERICAN:UMAC opened at $15.42 on Thursday. The firm's 50-day moving average price is $14.57 and its 200-day moving average price is $13.44. Unusual Machines has a 1-year low of $4.67 and a 1-year high of $23.38. The company has a market capitalization of $600.76 million, a PE ratio of -18.36 and a beta of 19.89.

Insider Transactions at Unusual Machines

In other news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the completion of the transaction, the president owned 356,375 shares of the company's stock, valued at $6,617,883.75. The trade was a 2.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Stacy Rochelle Wright sold 13,750 shares of Unusual Machines stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $255,337.50. Following the completion of the transaction, the executive directly owned 96,250 shares of the company's stock, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,768 shares of company stock valued at $666,037 in the last ninety days. 7.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unusual Machines

Several large investors have recently modified their holdings of UMAC. Ameritas Advisory Services LLC bought a new stake in shares of Unusual Machines during the third quarter valued at approximately $38,000. Wexford Capital LP bought a new stake in shares of Unusual Machines during the third quarter valued at approximately $40,000. Jones Financial Companies Lllp increased its position in shares of Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company's stock valued at $46,000 after acquiring an additional 1,218 shares in the last quarter. Bank of America Corp DE increased its position in shares of 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 valued at $61,000 after acquiring an additional 7,004 shares in the last quarter. Finally, Ankerstar Wealth LLC bought a new stake in shares of Unusual Machines during the fourth quarter valued at approximately $64,000.

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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