258,169,208 Shares in Wheels Up Experience Inc. $UP Acquired by Knighthead Capital Management LLC

Key Points

• Knighthead Capital Management acquired 258.2 million Wheels Up Experience shares worth approximately $133.3 million, making the company its second-largest holding and representing about 8.8% of its portfolio.
• Institutional investors own 98.2% of Wheels Up, but analyst sentiment remains negative: the stock was downgraded to “sell,” and its average rating is currently “Sell.”
• Wheels Up reported a quarterly loss of $2.29 per share on $168.9 million in revenue. Shares opened at $6.03, well below their 52-week high of $70.00.

Knighthead Capital Management LLC acquired a new stake in Wheels Up Experience Inc. (NYSE:UP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 258,169,208 shares of the company's stock, valued at approximately $133,344,000. Wheels Up Experience comprises about 8.8% of Knighthead Capital Management LLC's investment portfolio, making the stock its 2nd largest holding. Knighthead Capital Management LLC owned about 712.78% of Wheels Up Experience at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Hudson Bay Capital Management LP bought a new stake in shares of Wheels Up Experience during the second quarter worth $25,000. Creative Planning bought a new position in shares of Wheels Up Experience in the 2nd quarter valued at $25,000. Kestra Private Wealth Services LLC bought a new position in shares of Wheels Up Experience in the 3rd quarter valued at $25,000. Beck Mack & Oliver LLC acquired a new stake in shares of Wheels Up Experience during the 2nd quarter valued at $27,000. Finally, Rooted Wealth Advisors Inc. boosted its holdings in shares of Wheels Up Experience by 80.2% during the 4th quarter. Rooted Wealth Advisors Inc. now owns 45,041 shares of the company's stock valued at $30,000 after acquiring an additional 20,041 shares in the last quarter. Institutional investors and hedge funds own 98.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on UP. Wall Street Zen cut Wheels Up Experience from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Wheels Up Experience in a research note on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of "Sell".

Wheels Up Experience Stock Performance

Shares of NYSE UP opened at $6.03 on Monday. The firm has a 50 day moving average price of $7.68 and a two-hundred day moving average price of $10.04. The stock has a market cap of $218.29 million, a P/E ratio of -0.76 and a beta of 2.04. Wheels Up Experience Inc. has a 52-week low of $4.69 and a 52-week high of $70.00.

Wheels Up Experience (NYSE:UP - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($2.29) earnings per share for the quarter. The company had revenue of $168.92 million for the quarter.

Insider Activity

In related news, CEO George N. Mattson purchased 14,983 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was bought at an average price of $5.30 per share, with a total value of $79,409.90. Following the completion of the purchase, the chief executive officer owned 14,983 shares in the company, valued at approximately $79,409.90. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Ck Wheels Llc sold 27,524 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $8.05, for a total value of $221,568.20. Following the transaction, the insider owned 12,870,354 shares of the company's stock, valued at $103,606,349.70. This trade represents a 0.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have acquired 27,791 shares of company stock worth $146,206 and have sold 43,027 shares worth $335,159. 0.33% of the stock is currently owned by insiders.

About Wheels Up Experience

Wheels Up Experience Inc is a membership-driven private aviation company that provides on-demand charter flights and flight card services to corporate clients and high-net-worth individuals. The company operates a combination of owned and managed aircraft, including turboprops and light to midsize jets, and supplements its fleet through a network of partner operators. Its digital platform allows members to book flights, manage itineraries and access empty-leg opportunities with real-time pricing and availability.

Through tiered membership programs, Wheels Up offers flexible access to private air travel without the long-term commitments typically associated with fractional ownership.

Want to see what other hedge funds are holding UP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wheels Up Experience Inc. (NYSE:UP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.