Unusual Machines (NYSEAMERICAN:UMAC) Stock Price Down 6.2% – Here’s What Happened

Unusual Machines, Inc. (NYSEAMERICAN:UMAC)’s share price was down 6.2% during trading on Thursday . The stock traded as low as $15.50 and last traded at $15.51. Approximately 603,303 shares were traded during trading, a decline of 87% from the average daily volume of 4,616,751 shares. The stock had previously closed at $16.53.

Wall Street Analyst Weigh In

UMAC has been the subject of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Unusual Machines in a research report on Tuesday. Jones Trading assumed 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. Zacks Research raised shares of Unusual Machines from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Finally, ThinkEquity upgraded shares of Unusual Machines to a “strong-buy” rating in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $20.00.

Unusual Machines Trading Up 3.5%

The company has a market capitalization of $631.16 million, a price-to-earnings ratio of -4.63 and a beta of 22.32. The stock has a 50-day simple moving average of $11.09 and a 200-day simple moving average of $11.34.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in UMAC. Ameritas Advisory Services LLC bought a new stake in shares of Unusual Machines in the 3rd quarter worth about $38,000. Wexford Capital LP bought a new position in shares of Unusual Machines during the third quarter worth about $40,000. Jones Financial Companies Lllp grew its stake 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 in the last quarter. Bank of America Corp DE increased 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 valued at $61,000 after buying an additional 7,004 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new stake in Unusual Machines in the third 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.