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

Key Points

• Needham & Company LLC reiterated a "buy" rating for Unusual Machines, setting a price target of $20.00, which suggests a potential upside of 56.86% from its previous close.
• According to Zacks Research, Unusual Machines' stock rating was upgraded from "strong sell" to "hold," and the company now has an average rating of "Moderate Buy."
• Unusual Machines has experienced a significant 10.6% drop in stock value, trading at $12.75 after previously reaching a 52-week high of $23.62.

Unusual Machines (NYSEAMERICAN:UMAC - Get Free Report)'s stock had its "buy" rating reiterated by Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $20.00 price target on the stock. Needham & Company LLC's target price would indicate a potential upside of 56.86% from the company's previous close.

Separately, Zacks Research raised Unusual Machines from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Unusual Machines currently has an average rating of "Moderate Buy" and a consensus price target of $19.33.

Unusual Machines Stock Down 10.6%

NYSEAMERICAN:UMAC opened at $12.75 on Friday. Unusual Machines has a 52 week low of $1.43 and a 52 week high of $23.62. The business's 50 day moving average is $11.91 and its two-hundred day moving average is $8.91. The company has a market cap of $388.24 million, a PE ratio of -3.16 and a beta of 22.45.

Institutional Investors Weigh In On Unusual Machines

A number of institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. bought a new position in Unusual Machines during the 1st quarter valued at about $80,000. SBI Securities Co. Ltd. grew its holdings in Unusual Machines by 31.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company's stock worth $70,000 after acquiring an additional 2,591 shares during the last quarter. Covestor Ltd acquired a new stake in shares of Unusual Machines in the 1st quarter valued at $85,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Unusual Machines during the first quarter worth $27,000. Finally, NTV Asset Management LLC acquired a new position in shares of Unusual Machines during the second quarter valued at $86,000.

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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