Needham & Company LLC Reaffirms “Buy” Rating for Unusual Machines (NYSEAMERICAN:UMAC)

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,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 30.12% from the stock’s previous close.

Unusual Machines Price Performance

Shares of Unusual Machines stock opened at $15.37 on Wednesday. The firm has a market cap of $598.82 million, a price-to-earnings ratio of -18.30 and a beta of 19.89. The stock’s 50-day moving average is $14.78 and its 200-day moving average is $13.43. Unusual Machines has a one year low of $4.67 and a one year high of $23.38.

Insider Activity

In other news, President Andrew Ross Camden sold 9,625 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $178,736.25. Following the sale, the president directly owned 356,375 shares in the company, valued at $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $18.59, for a total value of $212,167.67. Following the completion of the sale, the chief financial officer owned 514,062 shares in the company, valued at approximately $9,556,412.58. This trade represents a 2.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,768 shares of company stock worth $666,037 over the last three months. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Unusual Machines

A number of institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its holdings in shares of Unusual Machines by 67.7% in 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. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Unusual Machines by 22.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,652 shares of the company’s stock valued at $148,000 after purchasing an additional 2,116 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Unusual Machines by 54.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,169 shares of the company’s stock valued at $79,000 after purchasing an additional 2,169 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in Unusual Machines during the third quarter worth about $38,000. Finally, Wexford Capital LP bought a new stake in Unusual Machines during the third quarter worth about $40,000.

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.