Upexi (NASDAQ:UPXI) Shares Gap Up - Time to Buy?

Key Points

• Upexi (NASDAQ:UPXI) shares gapped up at the market open on Wednesday, rising from a previous close of $6.66 to an opening price of $7.83, with a current trading price of $7.87 and a volume of over 13 million shares.
• Analysts have shown optimism for Upexi, with coverage initiated by Alliance Global Partners giving a "buy" rating and a price target of $15, while Cantor Fitzgerald upgraded their rating to "overweight" with a target of $16.
• Insider trades have been notable, with directors purchasing additional shares in July, increasing their ownership, and a total of 31.60% of the stock being held by company insiders.

Upexi, Inc. (NASDAQ:UPXI - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $6.66, but opened at $7.83. Upexi shares last traded at $7.87, with a volume of 13,046,351 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on UPXI. Alliance Global Partners began coverage on Upexi in a research report on Monday, August 4th. They set a "buy" rating and a $15.00 price target on the stock. Cantor Fitzgerald upgraded Upexi from a "neutral" rating to an "overweight" rating and set a $16.00 price target on the stock in a research report on Monday, June 16th. Finally, Wall Street Zen upgraded Upexi to a "hold" rating in a research report on Friday, May 30th.

Upexi Stock Up 14.1%

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 stock has a 50 day simple moving average of $6.75 and a 200-day simple moving average of $6.08.

Upexi (NASDAQ:UPXI - Get Free Report) last issued its earnings results on Friday, May 16th. The company reported ($2.87) EPS 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%.

Insider Activity at Upexi

In other Upexi news, Director Gene Salkind acquired 20,243 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were bought at an average cost 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lawrence Dugan acquired 11,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were acquired 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 owned 112,389 shares of the company's stock, valued at $639,493.41. This trade represents a 10.85% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 198,186 shares of company stock valued at $997,759 over the last ninety days. 31.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Upexi

Several institutional investors have recently bought and sold shares of the company. Kathmere Capital Management LLC purchased a new position in Upexi in the second quarter valued at $6,535,000. NewGen Equity Long Short Fund acquired a new stake in Upexi during the 2nd quarter worth approximately $1,720,000. Geode Capital Management LLC acquired a new stake in Upexi during the 2nd quarter worth approximately $1,002,000. XTX Topco Ltd acquired a new stake in Upexi during the 2nd quarter worth approximately $249,000. Finally, Millington Financial Advisors LLC acquired a new stake in Upexi during the 2nd quarter worth approximately $60,000. 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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