Wheels Up Experience (NYSE:UP) Stock Price Down 5.6% - Here's What Happened

Key Points

• Wheels Up Experience shares dropped by 5.6% to $2.04 during mid-day trading, significantly declining from the previous close of $2.16.
• Analysts have upgraded the stock from a "sell" to a "hold" rating, reflecting a potential shift in investor sentiment.
• Insider selling activity has been notable, with key insiders offloading shares valued at over $617,000 in the last quarter.

Wheels Up Experience Inc. (NYSE:UP - Get Free Report)'s share price fell 5.6% during mid-day trading on Friday . The stock traded as low as $2.08 and last traded at $2.04. 528,504 shares were traded during mid-day trading, a decline of 75% from the average session volume of 2,128,385 shares. The stock had previously closed at $2.16.

Analyst Upgrades and Downgrades

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 Down 0.2%

The stock has a market cap of $1.51 billion, a P/E ratio of -4.59 and a beta of 2.40. The firm's fifty day moving average price is $1.81 and its 200-day moving average price is $1.41.

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

Insiders Place Their Bets

In related news, COO David L. Holtz sold 36,318 shares of Wheels Up Experience stock in a transaction 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 sale, the chief operating officer owned 954,254 shares in the company, valued at $2,786,421.68. The trade was a 3.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David Godsman sold 75,000 shares of Wheels Up Experience stock in a transaction 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 in the company, valued at approximately $2,764,103.45. This trade represents a 7.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 224,907 shares of company stock valued at $617,064 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Trading of Wheels Up Experience

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new stake in Wheels Up Experience in the fourth quarter valued at $199,000. Bank of America Corp DE lifted its position 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 valued at $121,000 after buying an additional 30,919 shares during the period. Focus Partners Wealth purchased a new position in Wheels Up Experience during the fourth quarter valued at $110,000. EWA LLC purchased a new position in Wheels Up Experience during the first quarter valued at $43,000. Finally, Northern Trust Corp lifted its position in Wheels Up Experience by 10.7% during the fourth quarter. Northern Trust Corp now owns 840,804 shares of the company's stock valued at $1,387,000 after buying an additional 81,293 shares during the period. Institutional investors own 98.20% of the company's stock.

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.