Upexi (NASDAQ:UPXI) Shares Gap Up - Still a 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 share price gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Upexi to a "hold" rating in a report on Friday, May 30th. Cantor Fitzgerald raised Upexi to a "strong-buy" rating in a report on Wednesday, August 13th. Finally, Alliance Global Partners started coverage on shares of Upexi in a research note on Monday, August 4th. They issued a "buy" rating and a $15.00 target price on the stock.

Upexi Trading Down 5.9%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.24 and a current ratio of 0.37. The stock has a 50-day simple moving average of $6.53 and a two-hundred day simple moving average of $6.18.

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

Insider Buying and Selling at Upexi

In other Upexi news, Director Gene Salkind purchased 20,243 shares of the stock in a transaction on Friday, July 11th. The stock was acquired at an average cost of $4.94 per share, with a total value of $100,000.42. Following the completion of 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 acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Allan Marshall purchased 161,943 shares of the business's stock in a transaction on Friday, July 11th. The shares were acquired at an average price of $4.94 per share, with a total value of $799,998.42. Following the completion of the transaction, the chief executive officer 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 have acquired 198,186 shares of company stock worth $997,759 over the last ninety days. Insiders own 4.42% of the company's stock.

Institutional Investors Weigh In On Upexi

Several institutional investors have recently bought and sold shares of the stock. Kathmere Capital Management LLC bought a new stake in Upexi in the second quarter valued at approximately $6,535,000. NewGen Equity Long Short Fund bought a new stake in Upexi during the 2nd quarter valued at $1,720,000. Geode Capital Management LLC purchased a new stake in Upexi during the 2nd quarter valued at $1,002,000. XTX Topco Ltd bought a new stake in Upexi in the 2nd quarter worth $249,000. Finally, Millington Financial Advisors LLC purchased a new position in shares of Upexi in the second quarter valued at about $60,000. 5.68% of the stock is currently 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.