Unusual Machines (NYSEAMERICAN:UMAC) Shares Gap Down – Here’s What Happened

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) gapped down before the market opened on Tuesday . The stock had previously closed at $18.51, but opened at $17.26. Unusual Machines shares last traded at $18.7640, with a volume of 1,286,905 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. ThinkEquity upgraded shares of Unusual Machines to a “strong-buy” rating in a report on Monday, November 17th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a research note on Tuesday, January 13th. Jones Trading assumed coverage on Unusual Machines in a research note on Monday, December 1st. They set a “buy” rating and a $20.00 target price on the stock. Finally, Zacks Research upgraded shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Unusual Machines has an average rating of “Buy” and an average target price of $20.00.

Unusual Machines Stock Performance

The stock has a fifty day moving average of $11.98 and a 200 day moving average of $11.72. The company has a market capitalization of $674.90 million, a P/E ratio of -4.96 and a beta of 22.32.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in UMAC. Jones Financial Companies Lllp lifted its holdings in 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 purchasing an additional 1,218 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Unusual Machines during the third quarter worth about $38,000. Wexford Capital LP bought a new stake in Unusual Machines during the 3rd quarter valued at approximately $40,000. CIBC Private Wealth Group LLC raised its stake in Unusual Machines by 133.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company’s stock valued at $106,000 after purchasing an additional 4,000 shares during the period. Finally, Global Retirement Partners LLC purchased a new position in Unusual Machines in the 3rd quarter worth approximately $76,000.

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.