Wheels Up Experience (NYSE:UP) Trading Down 7.8% Following Insider Selling

Key Points

• Wheels Up Experience Inc. shares dropped 7.8% after an insider, CAO Alexander Chatkewitz, sold nearly 24,000 shares, leading to increased trading volume.
• Despite the recent decline, Wall Street analysts upgraded the company's rating from "sell" to "hold," indicating potential for future growth.
• The company reported revenues of $189.64 million for the quarter, alongside a negative earnings per share of ($0.11).

Wheels Up Experience Inc. (NYSE:UP - Get Free Report) dropped 7.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $1.68 and last traded at $1.71. Approximately 3,449,352 shares traded hands during mid-day trading, an increase of 196% from the average daily volume of 1,163,361 shares. The stock had previously closed at $1.85.

Specifically, CAO Alexander Chatkewitz sold 23,959 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $1.46, for a total transaction of $34,980.14. Following the completion of the transaction, the chief accounting officer directly owned 507,462 shares in the company, valued at approximately $740,894.52. This represents a 4.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

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

Wheels Up Experience Stock Down 5.2%

The firm has a 50 day simple moving average of $1.40 and a 200-day simple moving average of $1.28. The company has a market cap of $1.23 billion, a PE ratio of -3.76 and a beta of 2.33.

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

Institutional Investors Weigh In On Wheels Up Experience

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC lifted its holdings in Wheels Up Experience by 97.3% in the fourth quarter. Hsbc Holdings PLC now owns 21,775 shares of the company's stock valued at $35,000 after acquiring an additional 10,740 shares during the period. CWM LLC lifted its holdings in 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 acquiring an additional 10,827 shares during the period. Geode Capital Management LLC lifted its holdings in Wheels Up Experience by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,978,652 shares of the company's stock valued at $3,266,000 after acquiring an additional 13,372 shares during the period. Barclays PLC lifted its holdings in Wheels Up Experience by 11.0% in the fourth quarter. Barclays PLC now owns 142,056 shares of the company's stock valued at $234,000 after acquiring an additional 14,117 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Wheels Up Experience by 49.6% in the fourth quarter. Wells Fargo & Company MN now owns 43,147 shares of the company's stock valued at $71,000 after acquiring an additional 14,299 shares during the period. 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.

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