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

Key Points

• Wheels Up Experience shares gapped up to $2.33 from a previous closing of $2.19, with a last traded price of $2.37 and significant trading volume of 3,186,446 shares.
• Wall Street analysts upgraded the stock from a "sell" rating to a "hold" rating, indicating a positive shift in outlook for the company.
• Insider selling has occurred recently, including a sale by Director Donald Lee Moak, who reduced his holdings by 19.31%, demonstrating potential concern about the stock's performance among insiders.

Wheels Up Experience Inc. (NYSE:UP - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $2.19, but opened at $2.33. Wheels Up Experience shares last traded at $2.37, with a volume of 3,186,446 shares.

Analyst Ratings Changes

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

Wheels Up Experience Stock Up 2.6%

The stock has a market capitalization of $1.79 billion, a P/E ratio of -5.46 and a beta of 2.41. The company has a fifty day simple moving average of $1.90 and a two-hundred day simple moving average of $1.44.

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 during the quarter.

Insider Buying and Selling

In related news, insider Brian Joseph Kedzior sold 25,000 shares of the company's 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 sale, the insider owned 834,914 shares in the company, valued at approximately $2,454,647.16. This represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David Godsman sold 75,000 shares of the company's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $2.83, for a total value of $212,250.00. Following the sale, the insider owned 976,715 shares in the company, valued at $2,764,103.45. The trade was a 7.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 224,907 shares of company stock valued at $617,064. Corporate insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Wheels Up Experience

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC grew its position in shares of Wheels Up Experience by 77.0% in the second quarter. CWM LLC now owns 24,880 shares of the company's stock valued at $27,000 after purchasing an additional 10,827 shares during the last quarter. Creative Planning bought a new stake in Wheels Up Experience during the second quarter worth $25,000. Hudson Bay Capital Management LP bought a new stake in Wheels Up Experience during the second quarter worth $25,000. Beck Mack & Oliver LLC bought a new stake in Wheels Up Experience during the second quarter worth $27,000. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Wheels Up Experience by 197.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 40,534 shares of the company's stock valued at $43,000 after acquiring an additional 26,917 shares during the last quarter. Institutional investors and hedge funds 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.