Unusual Machines, Inc. (NYSEAMERICAN:UMAC) Sees Large Drop in Short Interest

Unusual Machines, Inc. (NYSEAMERICAN:UMAC) was the target of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 1,090,000 shares, a decline of 13.5% from the February 28th total of 1,260,000 shares. Currently, 9.0% of the shares of the company are short sold. Based on an average daily trading volume, of 1,860,000 shares, the short-interest ratio is presently 0.6 days.

Unusual Machines Stock Performance

Shares of NYSEAMERICAN:UMAC traded down $0.87 during trading on Thursday, reaching $5.51. 590,335 shares of the company traded hands, compared to its average volume of 1,437,350. Unusual Machines has a 52 week low of $0.98 and a 52 week high of $23.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 2.24. The business’s 50 day moving average price is $9.69.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Unusual Machines by 329.3% in the fourth quarter. Geode Capital Management LLC now owns 43,214 shares of the company’s stock valued at $727,000 after buying an additional 33,148 shares during the period. Jane Street Group LLC acquired a new stake in Unusual Machines in the fourth quarter worth $298,000. Kieckhefer Group LLC bought a new stake in Unusual Machines in the fourth quarter valued at $242,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Unusual Machines during the fourth quarter valued at about $209,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Unusual Machines during the 4th quarter worth about $141,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on UMAC. Maxim Group started coverage on Unusual Machines in a report on Wednesday, December 18th. They set a “buy” rating and a $18.00 target price for the company. Litchfield Hills Research assumed coverage on shares of Unusual Machines in a report on Wednesday, February 19th. They issued a “buy” rating and a $20.00 price objective for the company.

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.