Unusual Machines (NYSEAMERICAN:UMAC) Shares Down 5.9% – Time to Sell?

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) were down 5.9% on Wednesday . The company traded as low as $14.95 and last traded at $15.0550. Approximately 1,670,074 shares were traded during trading, a decline of 58% from the average daily volume of 3,961,077 shares. The stock had previously closed at $16.00.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on UMAC shares. Zacks Research upgraded shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Needham & Company LLC restated a “buy” rating on shares of Unusual Machines in a research note on Monday. ThinkEquity upgraded Unusual Machines to a “strong-buy” rating in a research note on Monday, November 17th. Finally, Jones Trading started coverage on Unusual Machines in a research note 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 company’s stock. Based on data from MarketBeat, Unusual Machines currently has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Stock Performance

The stock’s fifty day moving average is $10.95 and its two-hundred day moving average is $11.06. The firm has a market cap of $554.60 million, a price-to-earnings ratio of -4.10 and a beta of 22.32.

Hedge Funds Weigh In On Unusual Machines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UMAC. Ameritas Advisory Services LLC bought a new stake in Unusual Machines during the 3rd quarter valued at $38,000. Wexford Capital LP bought a new stake in shares of Unusual Machines during the third quarter valued at about $40,000. Jones Financial Companies Lllp lifted its holdings in Unusual Machines by 67.7% in the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after purchasing an additional 1,218 shares during the period. Bank of America Corp DE lifted its holdings in Unusual Machines by 7,372.6% in 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. Finally, Global Retirement Partners LLC bought a new position in Unusual Machines in the 3rd quarter valued at about $76,000.

Unusual Machines Company Profile

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.