Wheels Up Experience (NYSE:UP) Shares Gap Down - What's Next?

Key Points

• Wheels Up Experience shares gapped down from $2.00 to $1.94 before trading, closing last at $2.23 with a volume of over 6 million shares.
• Analysts upgraded the stock's rating from "sell" to "hold" amid recent insider selling, including COO David L. Holtz offloading over 36,000 shares.
• The company reported a quarterly loss of ($0.11) EPS, logging $189.64 million in revenue while having a market cap of $1.63 billion.

Wheels Up Experience Inc. (NYSE:UP - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $2.00, but opened at $1.94. Wheels Up Experience shares last traded at $2.23, with a volume of 6,282,661 shares.

Analyst Upgrades and Downgrades

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

Wheels Up Experience Stock Down 0.2%

The firm has a market capitalization of $1.51 billion, a PE ratio of -4.59 and a beta of 2.41. The business's fifty day moving average price is $1.81 and its 200 day moving average price is $1.40.

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

Insider Transactions at Wheels Up Experience

In related news, COO David L. Holtz sold 36,318 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $2.92, for a total value of $106,048.56. Following the completion of the sale, the chief operating officer directly owned 954,254 shares in the company, valued at approximately $2,786,421.68. The trade was a 3.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Godsman sold 75,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $2.83, for a total transaction of $212,250.00. Following the completion of the sale, the insider owned 976,715 shares of the company's stock, valued at approximately $2,764,103.45. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 224,907 shares of company stock valued at $617,064 in the last quarter. Insiders own 0.15% of the company's stock.

Institutional Investors Weigh In On Wheels Up Experience

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in Wheels Up Experience during the fourth quarter worth approximately $199,000. Bank of America Corp DE grew its stake in Wheels Up Experience by 72.5% during the fourth quarter. Bank of America Corp DE now owns 73,560 shares of the company's stock worth $121,000 after buying an additional 30,919 shares during the period. Focus Partners Wealth purchased a new stake in Wheels Up Experience during the fourth quarter worth approximately $110,000. EWA LLC purchased a new stake in Wheels Up Experience during the first quarter worth approximately $43,000. Finally, Northern Trust Corp grew its stake in Wheels Up Experience by 10.7% during the fourth quarter. Northern Trust Corp now owns 840,804 shares of the company's stock worth $1,387,000 after buying an additional 81,293 shares during the period. 98.20% of the stock is currently owned by hedge funds and other 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.