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 stock price fell 5.6% on Friday . The stock traded as low as $2.08 and last traded at $2.04. 528,504 shares traded hands during trading, a decline of 75% from the average session volume of 2,128,385 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

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

Wheels Up Experience Price Performance

The stock's fifty day moving average is $1.85 and its 200-day moving average is $1.42. The stock has a market capitalization of $1.54 billion, a PE ratio of -4.82 and a beta of 2.41.

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

Insider Activity at Wheels Up Experience

In other news, insider Brian Joseph Kedzior sold 25,000 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $2.94, for a total value of $73,500.00. Following the completion of the sale, the insider directly owned 834,914 shares in the company, valued at $2,454,647.16. This represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donald Lee Moak sold 43,166 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $3.11, for a total transaction of $134,246.26. Following the completion of the sale, the director owned 180,431 shares of the company's stock, valued at $561,140.41. This trade represents a 19.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 224,907 shares of company stock valued at $617,064 in the last three months. Company insiders own 0.15% of the company's stock.

Institutional Investors Weigh In On Wheels Up Experience

Hedge funds have recently modified their holdings of the company. Creative Planning purchased a new stake in shares of Wheels Up Experience in the second quarter valued at about $25,000. Hudson Bay Capital Management LP purchased a new position in Wheels Up Experience during the second quarter worth about $25,000. CWM LLC boosted its stake in Wheels Up Experience by 77.0% during the second quarter. CWM LLC now owns 24,880 shares of the company's stock worth $27,000 after buying an additional 10,827 shares during the period. Beck Mack & Oliver LLC purchased a new position in Wheels Up Experience during the second quarter worth about $27,000. Finally, Byrne Asset Management LLC purchased a new position in Wheels Up Experience during the first quarter worth about $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.