Needham & Company LLC Boosts Unusual Machines (NYSEAMERICAN:UMAC) Price Target to $22.00

Unusual Machines (NYSEAMERICAN:UMAC) had its target price raised by Needham & Company LLC from $20.00 to $22.00 in a research report issued on Friday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 29.95% from the company’s current price.

Separately, Roth Mkm assumed coverage on Unusual Machines in a research report on Wednesday. They set a “buy” rating and a $25.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $22.33.

Unusual Machines Stock Performance

NYSEAMERICAN UMAC opened at $16.93 on Friday. The firm’s fifty day moving average price is $15.26 and its two-hundred day moving average price is $13.53. The stock has a market cap of $659.59 million, a PE ratio of -20.15 and a beta of 14.32. Unusual Machines has a fifty-two week low of $4.67 and a fifty-two week high of $23.38.

Insiders Place Their Bets

In other Unusual Machines news, CRO Stacy Rochelle Wright sold 13,750 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $18.57, for a total transaction of $255,337.50. Following the sale, the executive owned 96,250 shares of the company’s stock, valued at approximately $1,787,362.50. This represents a 12.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian Joseph Hoff sold 11,413 shares of Unusual Machines stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.59, for a total value of $212,167.67. Following the completion of the transaction, the chief financial officer directly owned 514,062 shares of the company’s stock, valued at approximately $9,556,412.58. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 35,768 shares of company stock worth $666,037. 7.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unusual Machines

Hedge funds have recently added to or reduced their stakes in the business. Ameritas Advisory Services LLC bought a new stake in shares of Unusual Machines in the 3rd quarter valued at $38,000. Wexford Capital LP acquired a new position in shares of Unusual Machines during the third quarter valued at about $40,000. NFSG Corp bought a new position in shares of Unusual Machines during the 1st quarter worth about $37,000. Jones Financial Companies Lllp boosted its position in shares of 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 purchasing an additional 1,218 shares in the last quarter. Finally, Ankerstar Wealth LLC acquired a new stake in shares of Unusual Machines in the 4th quarter valued at about $64,000.

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.