Wheels Up Experience (NYSE:UP) Stock Price Down 4.8% - Here's What Happened

Key Points

• Wheels Up Experience stock fell by 4.8% on Monday, trading as low as $1.88, with a significant drop in trading volume of 50% compared to its average session.
• Analysts at Wall Street Zen upgraded the company from a "sell" to a "hold" rating shortly before the stock's decline.
• Insider trading revealed that key executives sold substantial shares of stock recently, indicating potential concerns about the company's performance, as insiders sold a total of 224,907 shares worth $617,064 in the last three months.

Wheels Up Experience Inc. (NYSE:UP - Get Free Report)'s share price traded down 4.8% during trading on Monday . The stock traded as low as $1.88 and last traded at $1.89. 1,343,578 shares changed hands during trading, a decline of 50% from the average session volume of 2,678,214 shares. The stock had previously closed at $1.98.

Analyst Ratings Changes

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

Wheels Up Experience Stock Down 5.3%

The firm has a fifty day moving average price of $1.97 and a two-hundred day moving average price of $1.48. The stock has a market capitalization of $1.31 billion, a P/E ratio of -4.01 and a beta of 2.40.

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 for the quarter. The firm had revenue of $189.64 million during the quarter.

Insider Buying and Selling

In related news, COO David L. Holtz sold 36,318 shares of Wheels Up Experience stock in a transaction dated Friday, August 29th. The stock was 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. This trade represents a 3.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Alexander Chatkewitz sold 23,959 shares of Wheels Up Experience stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $1.46, for a total value of $34,980.14. Following the completion of the sale, the chief accounting officer owned 507,462 shares of the company's stock, valued at $740,894.52. The trade was a 4.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 224,907 shares of company stock worth $617,064 in the last three months. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wheels Up Experience

Large investors have recently made changes to their positions in the company. Creative Planning purchased a new position in shares of Wheels Up Experience during the 2nd quarter valued at about $25,000. Hudson Bay Capital Management LP purchased a new position in shares of Wheels Up Experience during the 2nd quarter valued at about $25,000. CWM LLC lifted its position 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 valued at $27,000 after buying an additional 10,827 shares in the last quarter. Beck Mack & Oliver LLC purchased a new position in shares of Wheels Up Experience during the 2nd quarter valued at about $27,000. Finally, Byrne Asset Management LLC purchased a new position in shares of Wheels Up Experience during the 1st quarter valued at about $27,000. 98.20% of the stock is currently owned by institutional investors.

Wheels Up Experience Company Profile

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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