Unusual Machines Stock Reaches New Peak After Trump Jr. Joins Advisory Board, Retail Turns Bullish on UAV Makers
By Stocktwits Inc | First Published Nov 29, 2024, 10:55 PM ISTThe bullish outlook of the domestic drone industry has contributed to a rally among other unmanned aerial vehicle (UAV) manufacturers as well.
Shares of drone manufacturer Unusual Machines Inc. ($UMAC) surged over 80% in Friday's morning trading, marking a second consecutive day of record highs following the announcement of Donald Trump Jr.'s appointment to its advisory board.
The stock also ranked among the top five trending tickers on Stocktwits for the second day in a row.
Latest Videos
Unusual Machines’ share price approached $20, the highest level since its listing on the New York Stock Exchange in February. However, trading was briefly halted on Friday due to heightened volatility.
The stock has surged by more than 485% year-to-date.
Trump Jr. emphasized the need to reduce reliance on Chinese drone imports, aligning with Unusual Machines' strategy to revitalize U.S.-based drone component manufacturing.
He currently holds 331,684 shares of Unusual Machines.
Retail investors on Stocktwits feel this could position the company as a leader in domestic production, potentially attracting government contracts and partnerships that favor local suppliers.
CEO Allan Evans dismissed speculation telling The Wall Street Journal, “I would never ask him to do anything or facilitate anything like that.”
However, Evans believes that President-elect Donald Trump's administration’s more aggressive trade policies could spark a domestic boom in the drone industry.
This outlook has contributed to a rally among other unmanned aerial vehicle (UAV) manufacturers as well.
AgEagle Aerial Systems Inc. ($UAVS) was also among the top five trending tickers on Stocktwits for the second day in a row, second only to Unusual Machines as of 12:30 p.m. ET.
Retail sentiment around the stock switched up to 'bullish' (55/100) from 'bearish' a day ago.
Investors on the platform anticipate more gains for the stock amid the brewing geopolitical uncertainty.
Shares of ZenaTech Inc. ($ZENA) jumped nearly 9% on Friday morning, while Red Cat Holdings Inc. ($RCAT) soared over 20%. and ParaZeo Technologies Ltd. ($PRZO) saw larger sympathy gains of 86%.
For updates and corrections email newsroom[at]stocktwits[dot]com.<
Read also: Drone Maker Unusual Machines Soars To Record High As Trump Jr. Joins Advisory Board: Retail Applauds
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.