Upexi (NASDAQ:UPXI) Shares Gap Down - Here's What Happened

Key Points

• Upexi's stock price gapped down from $7.83 to $7.00 prior to trading on Thursday, with the last recorded price at $7.74 and a trading volume of 4,221,558 shares.
• Analysts initiated a strong-buy rating from Cantor Fitzgerald and a buy rating with a $15 price target from Alliance Global Partners, highlighting increasing confidence in the stock.
• Recent insider purchases included a Director buying over 20,000 shares, contributing to a total of 198,186 shares acquired by insiders, who now own 31.60% of the company's stock.

Upexi, Inc. (NASDAQ:UPXI - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $7.83, but opened at $7.00. Upexi shares last traded at $7.74, with a volume of 4,221,558 shares changing hands.

Analyst Ratings Changes

UPXI has been the topic of a number of recent analyst reports. Cantor Fitzgerald upgraded shares of Upexi to a "strong-buy" rating in a research report on Wednesday. Alliance Global Partners initiated coverage on shares of Upexi in a research report on Monday, August 4th. They set a "buy" rating and a $15.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Upexi to a "hold" rating in a research report on Friday, May 30th.

Upexi Stock Performance

The business's 50-day simple moving average is $6.69 and its 200 day simple moving average is $6.09. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.24 and a current ratio of 0.37.

Upexi (NASDAQ:UPXI - Get Free Report) last announced its quarterly earnings data on Friday, May 16th. The company reported ($2.87) earnings per share (EPS) for the quarter. The business had revenue of $3.16 million during the quarter. Upexi had a negative return on equity of 535.19% and a negative net margin of 135.86%.

Insider Transactions at Upexi

In other Upexi news, Director Gene Salkind acquired 20,243 shares of the stock in a transaction dated Friday, July 11th. The shares were bought at an average price of $4.94 per share, with a total value of $100,000.42. Following the purchase, the director directly owned 385,370 shares of the company's stock, valued at approximately $1,903,727.80. This trade represents a 5.54% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Dugan acquired 11,000 shares of the stock in a transaction dated Wednesday, July 16th. The stock was acquired at an average cost of $5.69 per share, for a total transaction of $62,590.00. Following the purchase, the director directly owned 112,389 shares in the company, valued at approximately $639,493.41. The trade was a 10.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 198,186 shares of company stock valued at $997,759 in the last quarter. Insiders own 31.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Millington Financial Advisors LLC purchased a new position in shares of Upexi in the second quarter worth approximately $60,000. XTX Topco Ltd purchased a new position in shares of Upexi in the second quarter worth approximately $249,000. NewGen Equity Long Short Fund purchased a new position in shares of Upexi in the second quarter worth approximately $1,720,000. Geode Capital Management LLC purchased a new position in shares of Upexi in the second quarter worth approximately $1,002,000. Finally, Kathmere Capital Management LLC purchased a new position in shares of Upexi in the second quarter worth approximately $6,535,000. 5.68% of the stock is owned by hedge funds and other institutional investors.

About Upexi

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.

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