Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 6.5% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price shot up 6.5% during trading on Thursday . The company traded as high as $13.86 and last traded at $14.2730. 630,135 shares changed hands during trading, a decline of 83% from the average session volume of 3,660,148 shares. The stock had previously closed at $13.40.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on UMAC. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Unusual Machines in a research note on Tuesday, January 13th. JonesTrading began coverage on shares of Unusual Machines in a research note on Monday, December 1st. They issued a “buy” rating and a $20.00 target price for the company. Finally, ThinkEquity raised Unusual Machines to a “strong-buy” rating in a research note on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $20.00.

Unusual Machines Trading Up 4.1%

The firm has a market capitalization of $514.29 million, a price-to-earnings ratio of -3.78 and a beta of 22.33. The firm has a 50 day moving average price of $13.63 and a two-hundred day moving average price of $12.19.

Institutional Trading of Unusual Machines

Several large investors have recently added to or reduced their stakes in UMAC. Mercer Global Advisors Inc. ADV purchased a new position in Unusual Machines in the fourth quarter valued at about $1,289,000. Vident Advisory LLC acquired a new stake in shares of Unusual Machines in the fourth quarter valued at about $1,015,000. Concentric Capital Strategies LP purchased a new stake in shares of Unusual Machines during the 4th quarter valued at about $2,052,000. Bridgeway Capital Management LLC purchased a new stake in shares of Unusual Machines during the 4th quarter valued at about $127,000. Finally, 683 Capital Management LLC acquired a new position in Unusual Machines during the 4th quarter worth approximately $1,080,000.

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.