Unusual Machines (NYSEAMERICAN:UMAC) Rating Increased to Strong-Buy at Roth Mkm

Unusual Machines (NYSEAMERICAN:UMAC) was upgraded by analysts at Roth Mkm to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Separately, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Unusual Machines presently has a consensus rating of “Buy” and an average target price of $21.67.

Unusual Machines Trading Up 6.0%

Shares of NYSEAMERICAN UMAC opened at $14.97 on Wednesday. The firm’s 50-day moving average price is $15.20 and its 200-day moving average price is $13.50. Unusual Machines has a 1-year low of $4.67 and a 1-year high of $23.38. The firm has a market capitalization of $583.23 million, a P/E ratio of -17.82 and a beta of 14.32.

Insider Buying and Selling

In related news, CFO Brian Joseph Hoff sold 11,413 shares of the company’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 sale, the chief financial officer owned 514,062 shares in the company, valued at $9,556,412.58. This represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Stacy Rochelle Wright sold 13,750 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $255,337.50. Following the completion of the sale, the executive owned 96,250 shares in the company, valued at $1,787,362.50. This represents a 12.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 35,768 shares of company stock worth $666,037 in the last quarter. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Unusual Machines

A number of institutional investors and hedge funds have recently made changes to their positions in UMAC. Geode Capital Management LLC raised its holdings in shares of Unusual Machines by 89.1% in the 2nd quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after acquiring an additional 105,020 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Unusual Machines in the 2nd quarter worth about $1,251,000. Bank of America Corp DE raised its holdings in shares of Unusual Machines by 7,372.6% in the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock worth $61,000 after acquiring an additional 7,004 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Unusual Machines by 4,639.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock worth $115,000 after acquiring an additional 13,084 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Unusual Machines in the 3rd quarter worth about $283,000.

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.