Wheels Up Experience (NYSE:UP) Shares Down 7.7% – Here’s Why

Wheels Up Experience Inc. (NYSE:UP) shares traded down 7.7% during trading on Thursday . The stock traded as low as $1.00 and last traded at $1.0150. 1,600,883 shares traded hands during trading, a decline of 88% from the average session volume of 12,831,968 shares. The stock had previously closed at $1.10.

Analysts Set New Price Targets

Several analysts have commented on UP shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Wheels Up Experience in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Wheels Up Experience from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Wheels Up Experience Trading Up 5.9%

The firm has a market cap of $710.88 million, a PE ratio of -1.93 and a beta of 2.34. The company has a 50-day simple moving average of $0.79 and a 200 day simple moving average of $1.42.

Wheels Up Experience (NYSE:UP) last posted its earnings results on Wednesday, November 5th. The company reported ($0.12) earnings per share (EPS) for the quarter. The company had revenue of $185.49 million for the quarter.

Insider Activity

In other news, insider Mark Briffa sold 86,813 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $1.23, for a total transaction of $106,779.99. Following the transaction, the insider owned 866,670 shares in the company, valued at $1,066,004.10. This trade represents a 9.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Meaghan Danielle Wells sold 47,931 shares of Wheels Up Experience stock in a transaction on Friday, November 7th. The shares were sold at an average price of $1.22, for a total transaction of $58,475.82. Following the completion of the sale, the insider directly owned 526,681 shares in the company, valued at $642,550.82. This represents a 8.34% decrease in their position. The SEC filing for this sale provides additional information. 0.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Wheels Up Experience

Several hedge funds and other institutional investors have recently modified their holdings of UP. CIBC Bancorp USA Inc. acquired a new stake in Wheels Up Experience in the 3rd quarter valued at about $138,000. Kestra Private Wealth Services LLC purchased a new stake in shares of Wheels Up Experience in the third quarter valued at approximately $25,000. Militia Capital Partners LP purchased a new stake in shares of Wheels Up Experience in the third quarter valued at approximately $644,000. Two Sigma Investments LP acquired a new stake in shares of Wheels Up Experience in the third quarter valued at approximately $272,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in Wheels Up Experience by 350.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 305,419 shares of the company’s stock worth $562,000 after buying an additional 237,639 shares in the last quarter. 98.20% of the stock is owned by hedge funds and other institutional investors.

About Wheels Up Experience

Wheels Up Experience Inc is a membership-driven private aviation company that provides on-demand charter flights and flight card services to corporate clients and high-net-worth individuals. The company operates a combination of owned and managed aircraft, including turboprops and light to midsize jets, and supplements its fleet through a network of partner operators. Its digital platform allows members to book flights, manage itineraries and access empty-leg opportunities with real-time pricing and availability.

Through tiered membership programs, Wheels Up offers flexible access to private air travel without the long-term commitments typically associated with fractional ownership.