Wheels Up Experience (NYSE:UP) Shares Gap Up - Here's What Happened

Key Points

• Wheels Up Experience shares gapped up from $1.89 to $1.97 before the market opened, and last traded at $1.91 with a trading volume of 1,672,198 shares.
• Analysts have given the stock a consensus rating of "Sell," with Weiss Ratings reaffirming a "sell (d-)" rating and Wall Street Zen upgrading it to a "hold."
• Insider selling was reported, including COO David L. Holtz selling 36,318 shares, reflecting a 3.67% decrease in their position, while 98.20% of the stock is owned by institutional investors and hedge funds.

Shares of Wheels Up Experience Inc. (NYSE:UP - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $1.89, but opened at $1.97. Wheels Up Experience shares last traded at $1.91, with a volume of 1,672,198 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Wheels Up Experience in a research report on Saturday, September 27th. Wall Street Zen raised Wheels Up Experience from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of "Sell".

Wheels Up Experience Trading Up 3.4%

The firm has a 50 day moving average of $2.00 and a 200-day moving average of $1.50. The company has a market cap of $1.37 billion, a P/E ratio of -4.16 and a beta of 2.32.

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 (EPS) for the quarter. The company had revenue of $189.64 million during the quarter.

Insiders Place Their Bets

In other Wheels Up Experience news, COO David L. Holtz sold 36,318 shares of Wheels Up Experience stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $2.92, for a total value of $106,048.56. Following the sale, the chief operating officer owned 954,254 shares of the company's stock, valued at $2,786,421.68. The trade was a 3.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Donald Lee Moak sold 43,166 shares of Wheels Up Experience stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $3.11, for a total value of $134,246.26. Following the completion of the sale, the director directly owned 180,431 shares in the company, valued at approximately $561,140.41. The trade was a 19.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 224,907 shares of company stock worth $617,064. Insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Wheels Up Experience

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its holdings in shares of Wheels Up Experience by 72.5% in the 4th quarter. Bank of America Corp DE now owns 73,560 shares of the company's stock worth $121,000 after purchasing an additional 30,919 shares during the period. EWA LLC purchased a new position in shares of Wheels Up Experience in the 1st quarter worth approximately $43,000. Nuveen LLC purchased a new position in shares of Wheels Up Experience in the 1st quarter worth approximately $148,000. Deutsche Bank AG boosted its holdings in shares of Wheels Up Experience by 69.0% in the 1st quarter. Deutsche Bank AG now owns 73,593 shares of the company's stock worth $74,000 after purchasing an additional 30,058 shares during the period. Finally, Byrne Asset Management LLC purchased a new position in shares of Wheels Up Experience in the 1st quarter worth approximately $27,000. Hedge funds and other institutional investors own 98.20% of the company's stock.

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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