Upexi (NASDAQ:UPXI) Stock Price Down 10% - Here's What Happened

Key Points

• Upexi's share price fell 10% on Friday, dropping to around $7.11 after closing at $7.90, with trading volume down 39% from average levels.
• Despite the recent decline, Wall Street analysts have shown optimism, with ratings upgrades, including a "strong-buy" rating and a price target of $15.00 from Alliance Global Partners.
• Insider buying activity has been notable, with multiple directors purchasing shares, indicating confidence in the company's future performance.

Upexi, Inc. (NASDAQ:UPXI - Get Free Report) shares fell 10% during mid-day trading on Friday . The company traded as low as $6.90 and last traded at $7.11. 2,180,513 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 3,570,604 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on UPXI. Cantor Fitzgerald upgraded Upexi to a "strong-buy" rating in a report on Wednesday, August 13th. Alliance Global Partners began coverage on Upexi in a report on Monday, August 4th. They issued a "buy" rating and a $15.00 price objective for the company. Finally, Wall Street Zen upgraded Upexi to a "hold" rating in a report on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Strong Buy" and an average price target of $15.50.

Upexi Stock Up 11.9%

The company has a current ratio of 0.37, a quick ratio of 0.24 and a debt-to-equity ratio of 0.31. The firm has a fifty day moving average price of $6.20 and a two-hundred day moving average price of $6.21.

Insider Buying and Selling

In other Upexi news, Director Lawrence Dugan acquired 4,000 shares of Upexi stock in a transaction that occurred on Tuesday, July 22nd. The stock was bought at an average cost of $7.50 per share, for a total transaction of $30,000.00. Following the acquisition, the director owned 116,389 shares of the company's stock, valued at $872,917.50. This represents a 3.56% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Allan Marshall bought 161,943 shares of the stock in a transaction on Friday, July 11th. The shares were bought at an average price of $4.94 per share, for a total transaction of $799,998.42. Following the purchase, the chief executive officer directly owned 1,046,261 shares in the company, valued at approximately $5,168,529.34. This trade represents a 18.31% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 198,186 shares of company stock worth $997,759. 4.42% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Upexi

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPXI. Bank of Montreal Can bought a new stake in Upexi in the 4th quarter worth approximately $36,000. North Star Investment Management Corp. purchased a new position in shares of Upexi in the 2nd quarter worth $45,000. Millington Financial Advisors LLC purchased a new position in shares of Upexi in the 2nd quarter worth $60,000. XTX Topco Ltd bought a new stake in shares of Upexi in the second quarter worth $249,000. Finally, Geode Capital Management LLC purchased a new stake in Upexi during the second quarter valued at $1,002,000. Hedge funds and other institutional investors own 5.68% of the company's stock.

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.