Unusual Machines (NYSEAMERICAN:UMAC) Earns Buy Rating from Analysts at Needham & Company LLC

Stock analysts at Needham & Company LLC assumed coverage on shares of Unusual Machines (NYSEAMERICAN:UMAC) in a research report issued on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 55.93% from the stock’s current price.

Unusual Machines Stock Performance

Shares of UMAC opened at $9.62 on Tuesday. The company has a market capitalization of $292.83 million, a P/E ratio of -2.38 and a beta of 23.02. Unusual Machines has a one year low of $1.28 and a one year high of $23.62. The stock has a 50-day moving average price of $9.55 and a 200 day moving average price of $8.35.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of UMAC. Edmond DE Rothschild Holding S.A. bought a new position in shares of Unusual Machines during the first quarter worth about $27,000. Bank of America Corp DE lifted its position 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 worth $61,000 after purchasing an additional 7,004 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Unusual Machines by 31.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 10,951 shares of the company’s stock worth $70,000 after buying an additional 2,591 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Unusual Machines in the 1st quarter worth about $80,000. Finally, NewEdge Advisors LLC bought a new position in shares of Unusual Machines in the 4th quarter worth about $84,000.

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.