Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Up - Should You Buy?

Key Points

• The share price of Unusual Machines (UMAC) gapped up from $14.97 to $16.15 before trading, closing at $17.06 with over 4.7 million shares traded.
• Analysts have mixed opinions on UMAC, as Needham & Company upgraded their rating to "buy" with a new price target of $20, while Zacks downgraded their rating to "strong sell."
• Recently, several institutional investors have significantly increased their stakes in Unusual Machines, indicating growing interest from hedge funds in the company.

Unusual Machines, Inc. (NYSEAMERICAN:UMAC - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $14.97, but opened at $16.15. Unusual Machines shares last traded at $17.06, with a volume of 4,764,080 shares traded.

Analyst Ratings Changes

A number of brokerages have recently issued reports on UMAC. Needham & Company LLC lifted their price objective on shares of Unusual Machines from $15.00 to $20.00 and gave the stock a "buy" rating in a research report on Tuesday. 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.33.

Unusual Machines Price Performance

The stock's fifty day moving average is $10.98 and its 200-day moving average is $8.43. The stock has a market cap of $498.77 million, a PE ratio of -4.05 and a beta of 22.45.

Institutional Investors Weigh In On Unusual Machines

Hedge funds have recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Unusual Machines in the first quarter valued at about $27,000. Bank of America Corp DE boosted its stake 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 buying an additional 7,004 shares during the period. SBI Securities Co. Ltd. boosted its stake in Unusual Machines by 31.0% during the first quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company's stock worth $70,000 after buying an additional 2,591 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Unusual Machines during the first quarter worth about $80,000. Finally, Covestor Ltd purchased a new position in Unusual Machines in the first quarter worth approximately $85,000.

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.

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