Wheels Up Experience (NYSE:UP) Sees Strong Trading Volume - Here's What Happened

Key Points

• Wheels Up Experience Inc. experienced unusually high trading volume on Tuesday, with approximately 3.4 million shares traded, marking a 65% increase from the previous session.
• Wall Street Zen upgraded the company's rating from "sell" to "hold", indicating a more positive outlook following their latest earnings report.
• Insider transactions revealed that significant shares were sold by company COO David L. Holtz and CAO Alexander Chatkewitz, reducing their ownership stake in the company.

Shares of Wheels Up Experience Inc. (NYSE:UP - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 3,420,414 shares traded hands during trading, an increase of 65% from the previous session's volume of 2,067,313 shares.The stock last traded at $2.18 and had previously closed at $2.31.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Wheels Up Experience from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th.

Wheels Up Experience Trading Down 0.2%

The stock has a 50 day simple moving average of $1.81 and a 200 day simple moving average of $1.40. The stock has a market cap of $1.51 billion, a P/E ratio of -4.59 and a beta of 2.41.

Wheels Up Experience (NYSE:UP - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.11) earnings per share for the quarter. The business had revenue of $189.64 million during the quarter.

Insider Activity at Wheels Up Experience

In other Wheels Up Experience news, insider Brian Joseph Kedzior sold 25,000 shares of Wheels Up Experience stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $2.94, for a total transaction of $73,500.00. Following the transaction, the insider directly owned 834,914 shares of the company's stock, valued at approximately $2,454,647.16. The trade was a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donald Lee Moak sold 43,166 shares of Wheels Up Experience stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $3.11, for a total value of $134,246.26. Following the transaction, the director directly owned 180,431 shares in the company, valued at $561,140.41. The trade was a 19.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 224,907 shares of company stock worth $617,064 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Northern Trust Corp increased its position in Wheels Up Experience by 10.7% in the 4th quarter. Northern Trust Corp now owns 840,804 shares of the company's stock valued at $1,387,000 after buying an additional 81,293 shares in the last quarter. Jane Street Group LLC purchased a new position in Wheels Up Experience in the second quarter valued at approximately $795,000. Marshall Wace LLP bought a new stake in Wheels Up Experience during the 2nd quarter valued at $222,000. Y Intercept Hong Kong Ltd bought a new stake in Wheels Up Experience during the 2nd quarter valued at $198,000. Finally, Brevan Howard Capital Management LP bought a new position in shares of Wheels Up Experience in the second quarter worth $172,000. 98.20% of the stock is owned by institutional investors.

About Wheels Up Experience

Wheels Up Experience Inc provides private aviation services in the United States and internationally. The company offers Wheels Up Membership program that consists of two primary membership categories, such as Individual membership for individual and business fliers; and UP for Business membership consists of small and medium enterprise, and custom enterprise solutions for business fliers that tend to spend at higher levels.