Needham & Company LLC Reaffirms “Buy” Rating for Unusual Machines (NYSEAMERICAN:UMAC)

Unusual Machines (NYSEAMERICAN:UMAC)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $20.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 30.12% from the stock’s current price.

Unusual Machines Stock Down 0.5%

Shares of Unusual Machines stock opened at $15.37 on Wednesday. Unusual Machines has a 12 month low of $4.67 and a 12 month high of $23.38. The business has a fifty day simple moving average of $14.78 and a 200 day simple moving average of $13.43. The stock has a market cap of $598.82 million, a PE ratio of -18.30 and a beta of 19.89.

Insiders Place Their Bets

In other Unusual Machines news, President Andrew Ross Camden sold 9,625 shares of Unusual Machines stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $18.57, for a total transaction of $178,736.25. Following the transaction, the president directly owned 356,375 shares in the company, valued at approximately $6,617,883.75. The trade was a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction, the chief financial officer owned 514,062 shares in the company, valued at approximately $9,556,412.58. This represents a 2.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 35,768 shares of company stock worth $666,037. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Advisory Services LLC bought a new position in Unusual Machines during the third quarter worth about $38,000. Wexford Capital LP bought a new position in Unusual Machines during the third quarter worth about $40,000. Jones Financial Companies Lllp lifted its holdings in Unusual Machines by 67.7% during the third quarter. Jones Financial Companies Lllp now owns 3,017 shares of the company’s stock worth $46,000 after acquiring an additional 1,218 shares in the last quarter. Bank of America Corp DE lifted its holdings in 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 worth $61,000 after acquiring an additional 7,004 shares in the last quarter. Finally, Ankerstar Wealth LLC bought a new position in Unusual Machines during the fourth 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.