Unusual Machines (NYSEAMERICAN:UMAC) Price Target Raised to $20.00

Key Points

• Unusual Machines' price target was raised from $15.00 to $20.00 by Needham & Company, indicating a potential upside of 41.83% from its previous close.
• Zacks Research downgraded the stock from a "hold" rating to a "strong sell" rating, while the average rating remains a "Moderate Buy" with a target price of $19.33.
• Unusual Machines has recently seen increased interest from institutional investors, including Jane Street Group LLC, which bought in for approximately $298,000.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report) had its price objective increased by analysts at Needham & Company LLC from $15.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 41.83% from the stock's previous close.

Separately, Zacks Research downgraded shares of Unusual Machines from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 20th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.33.

Unusual Machines Stock Up 2.2%

NYSEAMERICAN:UMAC traded up $0.30 during trading hours on Tuesday, hitting $14.10. 2,538,933 shares of the company traded hands, compared to its average volume of 2,690,413. The firm's 50-day simple moving average is $10.62 and its 200-day simple moving average is $8.23. Unusual Machines has a one year low of $1.28 and a one year high of $23.62. The company has a market cap of $429.38 million, a PE ratio of -3.49 and a beta of 22.90.

Institutional Investors Weigh In On Unusual Machines

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in shares of Unusual Machines in the fourth quarter worth approximately $298,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Unusual Machines in the first quarter worth approximately $80,000. SBI Securities Co. Ltd. increased its position in shares of Unusual Machines by 31.0% in the first quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company's stock worth $70,000 after purchasing an additional 2,591 shares during the last quarter. Covestor Ltd bought a new position in shares of Unusual Machines in the first quarter worth approximately $85,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of Unusual Machines in the first quarter worth approximately $27,000.

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.

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