Unusual Machines (NYSEAMERICAN:UMAC) Trading Down 6.5% – Time to Sell?

Shares of Unusual Machines, Inc. (NYSEAMERICAN:UMAC) dropped 6.5% during mid-day trading on Wednesday . The company traded as low as $17.93 and last traded at $17.4530. Approximately 2,094,663 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 5,065,301 shares. The stock had previously closed at $18.67.

Analysts Set New Price Targets

A number of analysts recently weighed in on UMAC shares. ThinkEquity upgraded shares of Unusual Machines to a “strong-buy” rating in a research report on Monday, November 17th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a report on Tuesday, January 13th. Jones Trading started coverage on shares of Unusual Machines in a report on Monday, December 1st. They set a “buy” rating and a $20.00 target price on the stock. Finally, Zacks Research upgraded shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $20.00.

Unusual Machines Trading Down 9.2%

The stock has a market capitalization of $625.12 million, a P/E ratio of -4.59 and a beta of 22.32. The company’s fifty day simple moving average is $11.68 and its 200 day simple moving average is $11.64.

Institutional Trading of Unusual Machines

Institutional investors have recently added to or reduced their stakes in the business. Ameritas Advisory Services LLC purchased a new stake in shares of Unusual Machines during the third quarter worth about $38,000. Wexford Capital LP bought a new stake in Unusual Machines during the third quarter worth about $40,000. Jones Financial Companies Lllp increased 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 valued at $46,000 after buying an additional 1,218 shares in the last quarter. Bank of America Corp DE boosted 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 acquiring an additional 7,004 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in shares of Unusual Machines in the third quarter worth $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.