Kenneth H. Dichter, CEO and Chairman of Wheels Up Experience (NYSE:UP), purchased 400,000 shares of the company in multiple transactions on December 14 and December 15 for a total consideration of about $455,593. UP stock advanced 6.3% in Thursday’s extended trading session. However, shares declined in Friday’s pre-market trading amid broader market weakness.
Wheels Up, which was founded by Dichter, offers on-demand private flights. The company had 12,688 active members as of Q3-end.
As per an SEC filing, Dichter bought 247,673 shares on December 14 at a weighted average price of $1.1474 and 152,327 shares on December 15 at a weighted average price of $1.1253. Following these transactions, Dichter holds about 14.85 million shares. The value of Dichter’s holdings stands at $16.9 million.
Overall, the Insider Confidence Signal for Wheels Up is Positive based on this recent transaction.
TipRanks provides daily insider transactions and a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is UP Stock a Buy?
On TipRanks, Wheels Up Stock earns a Moderate Buy consensus rating based on three Buys and two Holds. The average UP stock price target of $3.69 implies 232.4% upside potential. Shares have tanked about 76% year-to-date.
The notable purchase of Wheels Up shares by the CEO sends positive signals to investors about the prospects of the company. Interestingly, the Hedge Fund Confidence Signal for Wheels Up stock is Positive based on the activity of three hedge funds in the recent quarter. Hedge funds increased their holdings in UP stock by 285.1 million shares in the past quarter.