Wheels Up Experience (NYSE:UP) Shares Gap Down - Should You Sell?

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.

Shares of Wheels Up Experience Inc. (NYSE:UP - Get Free Report) gapped down prior to trading 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 Ratings Changes

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

Wheels Up Experience Stock Up 16.8%

The stock has a market cap of $1.63 billion, a P/E ratio of -4.86 and a beta of 2.40. The company has a 50-day simple moving average of $1.70 and a two-hundred day simple moving average of $1.37.

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

Insider Buying and Selling at Wheels Up Experience

In other news, COO David L. Holtz sold 36,318 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $2.92, for a total transaction of $106,048.56. Following the transaction, the chief operating officer owned 954,254 shares in the company, valued at $2,786,421.68. This represents a 3.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alexander Chatkewitz sold 23,959 shares of Wheels Up Experience stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $1.46, for a total transaction of $34,980.14. Following the transaction, the chief accounting officer directly owned 507,462 shares of the company's stock, valued at $740,894.52. This represents a 4.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 215,003 shares of company stock valued at $595,474. Corporate insiders own 0.15% of the company's stock.

Institutional Investors Weigh In On Wheels Up Experience

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning acquired a new stake in shares of Wheels Up Experience during the 2nd quarter worth about $25,000. Hudson Bay Capital Management LP acquired a new position in Wheels Up Experience in the 2nd quarter worth about $25,000. CWM LLC grew its holdings in shares of Wheels Up Experience by 77.0% during the 2nd quarter. CWM LLC now owns 24,880 shares of the company's stock worth $27,000 after purchasing an additional 10,827 shares in the last quarter. Byrne Asset Management LLC bought a new stake in Wheels Up Experience in the first quarter valued at about $27,000. Finally, Beck Mack & Oliver LLC bought a new stake in Wheels Up Experience in the 2nd quarter valued at $27,000. 98.20% of the stock is 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.

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