Needham analyst Austin Bohlig has maintained their bullish stance on UMAC stock, giving a Buy rating on November 7.
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Austin Bohlig has given his Buy rating due to a combination of factors that highlight Unusual Machines Inc.’s strategic positioning in the emerging commercial UAS market. The company’s recent $25 million investment in XTI Aerospace, which is acquiring Drone Nerds, positions UMAC to potentially benefit from the anticipated regulatory changes favoring beyond visual line of sight (BVLOS) operations and the expected ban on DJI products in the U.S.
With the U.S. market needing alternatives to DJI, UMAC’s investment in the largest drone distributor in the country could enable it to attract new clients seeking reliable partners. This strategic move is seen as a way for UMAC to strengthen its market position and capitalize on the growing demand for drone technology, thereby justifying the Buy rating from Bohlig.
In another report released on November 7, Maxim Group also maintained a Buy rating on the stock with a $16.00 price target.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UMAC in relation to earlier this year.