Unusual Machines Target of Unusually High Options Trading (NYSEAMERICAN:UMAC)

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was the target of unusually large options trading on Monday. Traders purchased 13,990 call options on the stock. This represents an increase of 83% compared to the typical daily volume of 7,659 call options.

Analyst Ratings Changes

Several analysts recently commented on UMAC shares. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a research note on Friday, October 17th. Zacks Research raised Unusual Machines from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Unusual Machines Stock Performance

NYSEAMERICAN:UMAC opened at $15.13 on Tuesday. The stock’s 50-day simple moving average is $12.28 and its 200 day simple moving average is $9.31. The company has a market cap of $500.80 million, a P/E ratio of -3.75 and a beta of 22.45. Unusual Machines has a 52-week low of $1.43 and a 52-week high of $23.62.

Institutional Trading of Unusual Machines

A number of hedge funds and other institutional investors have recently modified their holdings of UMAC. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Unusual Machines in the first quarter valued at about $27,000. Bank of America Corp DE grew its holdings 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 purchasing an additional 7,004 shares during the period. SBI Securities Co. Ltd. grew its holdings 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 purchasing an additional 2,591 shares during the period. Global Retirement Partners LLC bought a new position in Unusual Machines during the third quarter worth about $76,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Unusual Machines during the first quarter worth about $80,000.

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.