Unusual Machines (NYSEAMERICAN:UMAC) Reaches New 52-Week High – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $20.15 and last traded at $16.95, with a volume of 6626985 shares. The stock had previously closed at $18.67.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on UMAC shares. ThinkEquity upgraded Unusual Machines to a “strong-buy” rating in a report on Monday, November 17th. Zacks Research upgraded Unusual Machines from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Unusual Machines in a report on Tuesday, January 13th. Finally, Jones Trading initiated coverage on shares of Unusual Machines in a report on Monday, December 1st. They set a “buy” rating and a $20.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Unusual Machines presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Trading Down 9.2%

The stock has a market capitalization of $625.12 million, a price-to-earnings ratio of -4.59 and a beta of 22.32. The firm has a 50-day moving average of $11.80 and a 200-day moving average of $11.67.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Ameritas Advisory Services LLC acquired a new stake in shares of Unusual Machines during the third quarter worth about $38,000. Wexford Capital LP acquired a new position in Unusual Machines in the 3rd quarter worth approximately $40,000. Jones Financial Companies Lllp raised its position in Unusual Machines by 67.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after buying an additional 1,218 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in Unusual Machines during the 3rd quarter valued at approximately $76,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Unusual Machines by 133.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,000 shares of the company’s stock valued at $106,000 after acquiring an additional 4,000 shares during the last quarter.

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.