Upexi (NASDAQ:UPXI) Shares Gap Up - Here's Why

Key Points

• Upexi's share price experienced a significant gap up, opening at $6.49 after closing at $6.11, with strong trading volume of 3,237,022 shares.
• Analysts have set a new price target for Upexi, with Cantor Fitzgerald upgrading the stock to an "overweight" rating and specifying a target price of $16.00.
• Recent insider purchases include 11,000 shares by Director Lawrence Dugan and 161,943 shares by CEO Allan Marshall, indicating increased confidence in the company's value by its leadership.

Upexi, Inc. (NASDAQ:UPXI - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $6.11, but opened at $6.49. Upexi shares last traded at $6.16, with a volume of 3,237,022 shares.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of Upexi to a "hold" rating in a research report on Friday, May 30th. Cantor Fitzgerald raised Upexi from a "neutral" rating to an "overweight" rating and set a $16.00 price objective on the stock in a research report on Monday, June 16th.

Upexi Price Performance

The company has a quick ratio of 0.24, a current ratio of 0.37 and a debt-to-equity ratio of 0.31. The business has a 50 day simple moving average of $8.04 and a 200 day simple moving average of $5.95.

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

Insiders Place Their Bets

In other news, Director Lawrence Dugan purchased 11,000 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were acquired at an average price of $5.69 per share, for a total transaction of $62,590.00. Following the purchase, the director owned 112,389 shares in the company, valued at $639,493.41. This trade represents a 10.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Allan Marshall bought 161,943 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were purchased at an average cost of $4.94 per share, with a total value of $799,998.42. Following the acquisition, the chief executive officer directly owned 1,046,261 shares of the company's stock, valued at approximately $5,168,529.34. This trade represents a 18.31% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 177,943 shares of company stock valued at $897,758 in the last 90 days. 31.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Upexi

Several large investors have recently made changes to their positions in UPXI. Bank of Montreal Can acquired a new position in shares of Upexi in the fourth quarter worth about $36,000. North Star Investment Management Corp. acquired a new stake in Upexi in the second quarter valued at approximately $45,000. Finally, Kathmere Capital Management LLC purchased a new stake in Upexi in the 2nd quarter worth $6,535,000. 5.68% of the stock is currently owned by institutional investors and hedge funds.

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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