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

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

Unusual Machines Stock Down 13.6 %

Shares of UMAC traded down $0.87 during trading hours on Thursday, reaching $5.51. 590,335 shares of the stock 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 current ratio of 2.24 and a quick ratio of 0.95. The stock has a fifty day moving average price of $9.69.

Hedge Funds Weigh In On Unusual Machines

Several institutional investors and hedge funds have recently bought and sold shares of the company. Signaturefd LLC bought a new stake in shares of Unusual Machines during the 4th quarter valued at $25,000. NewEdge Advisors LLC purchased a new position in Unusual Machines during the 4th quarter valued at about $84,000. SBI Securities Co. Ltd. purchased a new stake in shares of Unusual Machines in the fourth quarter worth about $141,000. OMERS ADMINISTRATION Corp bought a new position in shares of Unusual Machines in the fourth quarter valued at approximately $209,000. Finally, Kieckhefer Group LLC bought a new position in shares of Unusual Machines in the fourth quarter valued at approximately $242,000.

Wall Street Analyst Weigh In

UMAC has been the topic of a number of recent research reports. Litchfield Hills Research assumed coverage on shares of Unusual Machines in a research note on Wednesday, February 19th. They issued a “buy” rating and a $20.00 price objective on the stock. Maxim Group started coverage on Unusual Machines in a research note on Wednesday, December 18th. They set a “buy” rating and a $18.00 price target 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.