Upexi, Inc. (NASDAQ:UPXI) Sees Large Growth in Short Interest

Key Points

• Upexi, Inc. experienced a significant increase in short interest, growing by 391.9% in July, totaling 6,640,000 shares as of July 31st.
• CEO Allan Marshall and director Gene Salkind made notable insider purchases, increasing their ownership by 18.31% and 5.54% respectively.
• Wall Street analysts have issued mixed ratings for Upexi, with Cantor Fitzgerald upgrading the stock to a "strong-buy" and Alliance Global Partners establishing a target price of $15.00.

Upexi, Inc. (NASDAQ:UPXI - Get Free Report) was the target of a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 6,640,000 shares, agrowthof391.9% from the July 15th total of 1,350,000 shares. Currently,15.8% of the company's stock are sold short. Based on an average daily trading volume, of 5,570,000 shares, the days-to-cover ratio is currently 1.2 days. Based on an average daily trading volume, of 5,570,000 shares, the days-to-cover ratio is currently 1.2 days. Currently,15.8% of the company's stock are sold short.

Insider Buying and Selling at Upexi

In related news, Director Lawrence Dugan purchased 11,000 shares of Upexi stock in a transaction dated Wednesday, July 16th. The stock was purchased at an average cost of $5.69 per share, for a total transaction of $62,590.00. Following the completion of the acquisition, the director directly owned 112,389 shares of the company's stock, valued at $639,493.41. The trade was a 10.85% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gene Salkind acquired 20,243 shares of Upexi stock in a transaction that occurred on Friday, July 11th. The stock was acquired at an average price of $4.94 per share, with a total value of $100,000.42. Following the completion of the acquisition, the director directly owned 385,370 shares in the company, valued at $1,903,727.80. This represents a 5.54% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 198,186 shares of company stock valued at $997,759. 4.42% of the stock is currently owned by company insiders.

Institutional Trading of Upexi

Several hedge funds have recently modified their holdings of the company. Kathmere Capital Management LLC purchased a new stake in shares of Upexi during the 2nd quarter worth approximately $6,535,000. NewGen Asset Management Ltd purchased a new stake in shares of Upexi during the 2nd quarter worth approximately $1,720,000. Geode Capital Management LLC purchased a new stake in shares of Upexi during the 2nd quarter worth approximately $1,002,000. XTX Topco Ltd purchased a new stake in shares of Upexi during the 2nd quarter worth approximately $249,000. Finally, Millington Financial Advisors LLC purchased a new stake in shares of Upexi during the 2nd quarter worth approximately $60,000. 5.68% of the stock is owned by hedge funds and other institutional investors.

Upexi Trading Up 12.4%

Shares of Upexi stock traded up $0.7830 on Wednesday, hitting $7.0830. 3,986,562 shares of the company traded hands, compared to its average volume of 3,625,462. The company has a current ratio of 0.37, a quick ratio of 0.24 and a debt-to-equity ratio of 0.31. Upexi has a 52 week low of $1.90 and a 52 week high of $22.57. The business has a 50-day simple moving average of $6.31 and a 200 day simple moving average of $6.20.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Cantor Fitzgerald raised Upexi to a "strong-buy" rating in a research report on Wednesday, August 13th. Alliance Global Partners assumed coverage on Upexi in a research report on Monday, August 4th. They issued a "buy" rating and a $15.00 target price on the stock. Finally, Wall Street Zen raised Upexi to a "hold" rating in a research report on Friday, May 30th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average price target of $15.50.

Upexi Company Profile

Upexi, Inc manufactures and sells various branded products in the health, wellness, pet, beauty, and other markets. The company was formerly known as Grove, Inc and changed its name to Upexi, Inc in August 2022. The company was incorporated in 2018 and is headquartered in Clearwater, Florida.