Short Interest in Unusual Machines, Inc. (NYSEAMERICAN:UMAC) Drops By 13.5%

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on UMAC shares. Maxim Group began coverage on Unusual Machines in a research report on Wednesday, December 18th. They set a "buy" rating and a $18.00 target price on the stock. Litchfield Hills Research initiated coverage on Unusual Machines in a report on Wednesday, February 19th. They set a "buy" rating and a $20.00 price objective on the stock.

Insider Activity

In other news, CFO Brian Joseph Hoff sold 83,775 shares of the firm's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $5.70, for a total value of $477,517.50. Following the transaction, the chief financial officer now directly owns 359,225 shares in the company, valued at $2,047,582.50. This trade represents a 18.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 22.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC bought a new stake in shares of Unusual Machines during the 4th quarter valued at about $25,000. NewEdge Advisors LLC acquired a new position in Unusual Machines in the fourth quarter valued at approximately $84,000. SBI Securities Co. Ltd. bought a new position in shares of Unusual Machines during the fourth quarter valued at approximately $141,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Unusual Machines during the 4th quarter worth approximately $209,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Unusual Machines in the 4th quarter worth approximately $242,000.

Unusual Machines Stock Performance

Shares of UMAC stock traded down $0.60 during trading hours on Monday, hitting $4.71. 1,103,256 shares of the company were exchanged, compared to its average volume of 1,449,283. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 2.24. Unusual Machines has a one year low of $0.98 and a one year high of $23.62. The firm has a 50-day moving average price of $9.39.

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.