NewGen Equity Long Short Fund Invests $1.72 Million in Upexi, Inc. $UPXI

NewGen Equity Long Short Fund bought a new position in Upexi, Inc. (NASDAQ:UPXI) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 577,193 shares of the company’s stock, valued at approximately $1,720,000. Upexi accounts for about 1.0% of NewGen Equity Long Short Fund’s investment portfolio, making the stock its 19th largest position.

Other large investors also recently modified their holdings of the company. Kathmere Capital Management LLC bought a new position in Upexi in the second quarter valued at about $6,535,000. Geode Capital Management LLC bought a new stake in shares of Upexi during the 2nd quarter valued at about $1,002,000. Finally, North Star Investment Management Corp. purchased a new stake in shares of Upexi during the 2nd quarter valued at about $45,000. Institutional investors own 5.68% of the company’s stock.

Insider Transactions at Upexi

In other news, Director Gene Salkind acquired 100,000 shares of the company’s stock in a transaction on Monday, November 17th. The stock was bought at an average cost of $2.65 per share, with a total value of $265,000.00. Following the completion of the purchase, the director directly owned 569,470 shares of the company’s stock, valued at $1,509,095.50. This represents a 21.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.42% of the stock is currently owned by corporate insiders.

Upexi Price Performance

NASDAQ:UPXI opened at $2.91 on Wednesday. Upexi, Inc. has a 52 week low of $1.90 and a 52 week high of $22.57. The business’s 50-day simple moving average is $5.27 and its two-hundred day simple moving average is $6.89. The company has a quick ratio of 3.39, a current ratio of 3.41 and a debt-to-equity ratio of 0.68. The stock has a market cap of $174.37 million, a PE ratio of -0.51 and a beta of -0.56.

Upexi (NASDAQ:UPXI) last posted its earnings results on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $9.24 million for the quarter, compared to analysts’ expectations of $7.33 million. Upexi had a net margin of 264.25% and a negative return on equity of 30.42%.

Upexi declared that its board has approved a share repurchase program on Thursday, November 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 25.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on UPXI shares. Cantor Fitzgerald dropped their price objective on shares of Upexi from $16.00 to $6.00 and set an “overweight” rating on the stock in a report on Friday, November 14th. Alliance Global Partners started coverage on shares of Upexi in a research report on Monday, August 4th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Upexi in a research note on Tuesday, November 11th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $10.50.

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.