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)'s stock price fell 10% during trading on Friday . The company traded as low as $6.90 and last traded at $7.11. 2,180,513 shares were traded 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 equities research analysts recently weighed in on UPXI shares. Alliance Global Partners initiated coverage on shares of Upexi in a research note on Monday, August 4th. They set a "buy" rating and a $15.00 price target for the company. Cantor Fitzgerald upgraded shares of Upexi to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen upgraded shares of Upexi to a "hold" rating in a research note on Friday, May 30th.

Upexi Trading Down 3.1%

The company's 50-day moving average is $6.43 and its two-hundred day moving average is $6.20. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.37 and a quick ratio of 0.24.

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

Insiders Place Their Bets

In other Upexi news, CEO Allan Marshall purchased 161,943 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were bought at an average price of $4.94 per share, with a total value of $799,998.42. Following the completion of the purchase, the chief executive officer directly owned 1,046,261 shares in the company, valued at $5,168,529.34. This trade represents a 18.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lawrence Dugan bought 11,000 shares of Upexi stock in a transaction dated Wednesday, July 16th. The stock was purchased at an average cost of $5.69 per share, for a total transaction of $62,590.00. Following the purchase, the director owned 112,389 shares of the company's stock, valued at approximately $639,493.41. This trade represents a 10.85% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 198,186 shares of company stock worth $997,759 over the last three months. 4.42% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Upexi

Institutional investors have recently bought and sold shares of the business. Bank of Montreal Can purchased a new stake in shares of Upexi during the fourth quarter worth $36,000. Geode Capital Management LLC purchased a new position in Upexi in the second quarter valued at approximately $1,002,000. XTX Topco Ltd purchased a new position in shares of Upexi during the second quarter worth approximately $249,000. Millington Financial Advisors LLC purchased a new position in Upexi during the 2nd quarter worth $60,000. Finally, NewGen Equity Long Short Fund purchased a new stake in shares of Upexi in the 2nd quarter worth about $1,720,000. 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.