CTAs are almost max long in equities, have very limited room to buy: UBS
Mark Briffa, Executive Vice President and CEO of Air Partner at Wheels Up Experience Inc. (NYSE:UP), recently sold a portion of his holdings in the company. According to a recent SEC filing, Briffa sold 28,717 shares of Wheels Up’s Class A common stock on March 13, 2025. The sale comes as the company faces significant challenges, with InvestingPro data showing the stock has declined over 59% in the past year and maintains a "WEAK" overall financial health rating. The shares were sold at a weighted average price of $1.06, with individual transaction prices ranging from $1.03 to $1.08 per share. The total sale amounted to approximately $30,440. Following this transaction, Briffa retains ownership of 1,090,971 shares in the company. With a current market capitalization of $769 million and rapidly depleting cash reserves, InvestingPro analysis indicates the stock is currently fairly valued. InvestingPro subscribers have access to 14 additional key insights about UP’s financial position and future prospects.
In other recent news, Wheels Up Experience Inc. reported better-than-expected fourth-quarter results, with notable improvements in financial metrics. The company posted a net loss of $87.5 million, or $0.13 per share, compared to a loss of $81.1 million, or $0.14 per share, in the same period last year. Revenue fell 17% year-over-year to $204.8 million but showed sequential improvement from the third quarter. Wheels Up’s adjusted contribution margin expanded significantly to 19.3% in Q4, up from 1.2% a year ago, attributed to a 33% increase in fleet utility. The company is modernizing its fleet, planning to add 18 new Phenom jets in 2024 while retiring 50 older aircraft. Additionally, Wheels Up announced the appointment of John Verkamp as the new Chief Financial Officer, effective March 31st. This change in leadership comes as the company continues its efforts to enhance operational efficiency. CEO George Mattson highlighted the company’s stronger financial position at the end of 2024, marking the first quarter of sequential revenue growth in nearly two years.
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