Wheels Up (UP) Soars 18.5%, Tries to Regain Minimum Bid Price Compliance

UP -3.97%

We recently published 10 Small Stocks with Mighty Gains. Wheels Up Experience Inc. (NYSE:UP) is one of the top-performing stocks on Wednesday.

Wheels Up jumped by 18.51 percent on Wednesday, as investors scrambled to push its share prices up after already falling below its minimum bid price requirement.

Wednesday’s session marked Wheels Up Experience Inc.’s (NYSE:UP) eighth straight session of trading below the $1 minimum bid price requirement of the New York Stock Exchange, having fallen below the threshold since November 17.

A company that fails to trade above the said price would then receive a letter from the exchange notifying them of their failure to comply, and the need for them to regain compliance within 180 days to continue listing their shares.

Michael Fitzsimmons/Shutterstock.com

In other recent developments, Wheels Up Experience Inc. (NYSE:UP) announced earlier this month that it widened its net loss in the third quarter of the year by 45 percent to $83.73 million from $57.73 million in the same period last year.

Revenues, on the other hand, dropped by 4.3 percent to $185.49 million from $193.90 million year-on-year, dragged by lower flight revenues from the discontinued Connect and Pay-As-You-Fly segment.

Looking ahead, Wheels Up Experience Inc. (NYSE:UP) said that it expects the fourth quarter of the year “to be the best” since it kicked off its transformation two years ago.

“Last month marked one full year since we announced our fleet modernization strategy, a crucial part of our overall business transformation that is reshaping our programs, aircraft, and operations to better serve our customers. We are encouraged by the financial and operating performance of our new fleet and customer feedback has been strongly positive. Signature membership sales of our new fleet offerings are off to a very strong start, and we expect to see accelerating growth of corporate and individual Signature membership sales in the fourth quarter and coming year,” said Wheels Up Experience Inc. (NYSE:UP) CEO George Mattson.

While we acknowledge the potential of UP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.