370,726 Wheels Up Experience Inc. $UP Shares Sold by State Street Corp

Key Points

• State Street sharply reduced its Wheels Up Experience stake by 89.9%, selling 370,726 shares during the second quarter and retaining 41,807 shares valued at about $375,000.
• Wheels Up shares opened at $3.81, near the lower end of their 52-week range of $3.14 to $43.00. The company reported a quarterly loss of $2.97 per share on $182 million in revenue.
• Analyst sentiment remains negative: Weiss Ratings reiterated a sell rating, Wall Street Zen downgraded the stock to sell, and MarketBeat data shows an average rating of “Sell.”

State Street Corp trimmed its position in Wheels Up Experience Inc. (NYSE:UP - Free Report) by 89.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,807 shares of the company's stock after selling 370,726 shares during the quarter. State Street Corp owned about 0.12% of Wheels Up Experience worth $375,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in UP. Knighthead Capital Management LLC bought a new stake in Wheels Up Experience in the 1st quarter worth approximately $133,344,000. J. Derek Lewis & Associates Inc. bought a new stake in Wheels Up Experience in the fourth quarter worth $356,000. Inspire Investing LLC increased its position in Wheels Up Experience by 35.9% in the first quarter. Inspire Investing LLC now owns 1,061,623 shares of the company's stock worth $548,000 after purchasing an additional 280,705 shares during the last quarter. Alpine Global Management LLC purchased a new position in shares of Wheels Up Experience in the 4th quarter worth $176,000. Finally, Instrumental Wealth LLC increased its holdings in shares of Wheels Up Experience by 103.8% in the 4th quarter. Instrumental Wealth LLC now owns 234,221 shares of the company's stock worth $155,000 after buying an additional 119,299 shares during the last quarter. 98.20% of the stock is owned by institutional investors.

Wheels Up Experience Price Performance

Shares of NYSE UP opened at $3.81 on Friday. Wheels Up Experience Inc. has a 1 year low of $3.14 and a 1 year high of $43.00. The firm has a 50-day simple moving average of $4.86 and a two-hundred day simple moving average of $7.07. The company has a market cap of $138.23 million, a P/E ratio of -0.45 and a beta of 2.09.

Wheels Up Experience (NYSE:UP - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($2.97) EPS for the quarter. The firm had revenue of $182.00 million during the quarter.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Wheels Up Experience in a research note on Thursday, August 27th. Wall Street Zen downgraded Wheels Up Experience from a "hold" rating to a "sell" rating in a research report on Sunday, August 16th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of "Sell".

Insider Buying and Selling

In other Wheels Up Experience news, major shareholder Ck Wheels Llc sold 9,363 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $4.61, for a total value of $43,163.43. Following the sale, the insider owned 12,860,891 shares in the company, valued at $59,288,707.51. This trade represents a 0.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 14,644 shares of company stock valued at $70,792. Corporate insiders own 0.33% of the company's stock.

Wheels Up Experience Company Profile

Wheels Up Experience Inc is an aviation company that provides private aircraft travel and related services through the Wheels Up brand. Its offerings include private jet memberships, on-demand charter flights and access to a fleet of aircraft operated through company-owned, managed and third-party resources.

The company serves individuals, families, businesses and other organizations seeking private air travel. In addition to arranging flights, Wheels Up provides aircraft management services for owners and supports a range of trip-planning and travel-related needs.

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