Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Up 6.7% – Should You Buy?

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price shot up 6.7% during mid-day trading on Monday . The company traded as high as $15.18 and last traded at $15.03. 1,656,898 shares were traded during mid-day trading, a decline of 62% from the average session volume of 4,324,211 shares. The stock had previously closed at $14.09.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Unusual Machines in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Unusual Machines has a consensus rating of “Buy” and an average target price of $20.00.

Unusual Machines Price Performance

The stock has a market capitalization of $598.82 million, a P/E ratio of -18.30 and a beta of 19.89. The firm has a 50-day simple moving average of $14.78 and a 200 day simple moving average of $13.43.

Insider Buying and Selling

In related news, CRO Stacy Rochelle Wright sold 13,750 shares of Unusual Machines stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.57, for a total value of $255,337.50. Following the transaction, the executive directly owned 96,250 shares of the company’s stock, valued at $1,787,362.50. The trade was a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian Joseph Hoff sold 11,413 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.59, for a total transaction of $212,167.67. Following the completion of the transaction, the chief financial officer owned 514,062 shares in the company, valued at $9,556,412.58. This trade represents a 2.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,768 shares of company stock valued at $666,037 in the last three months. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Unusual Machines

A number of hedge funds have recently bought and sold shares of UMAC. Ameritas Advisory Services LLC bought a new stake in shares of Unusual Machines in the 3rd quarter valued at $38,000. Wexford Capital LP bought a new stake in Unusual Machines in the third quarter valued at $40,000. Jones Financial Companies Lllp raised its holdings in shares of Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock valued at $46,000 after purchasing an additional 1,218 shares during the period. Bank of America Corp DE raised its holdings in shares of Unusual Machines by 7,372.6% during the second quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after purchasing an additional 7,004 shares during the period. Finally, Ankerstar Wealth LLC bought a new position in shares of Unusual Machines during the 4th quarter worth about $64,000.

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.