Wheels Up Experience (UP) is the first publicly traded private aviation company. However, despite reporting a 55% year-over-year rise in revenues in the last quarter, the stock has declined 43.1% over the past month. Currently, trading under $5, is UP an ideal investment now? Read more to find out. Membership-based private aviation company Wheels Up Experience Inc. (UP) made its stock market debut via the SPAC merger on July 14, 2021. It is the first publicly-traded private aviation company. It merged with blank check company Aspirational Consumer Lifestyle Corp. to raise $790 million in cash proceeds, giving UP an enterprise valuation of $2.10 billion. UP Founder and CEO Kenny Dichter expects UP to “look like Uber (NYSE:UBER) and Airbnb” of private aviation. UP has access to 1,200 airplanes through a third-party network at the time of its stock market debut, out of which 170 are directly owned or leased by the company. However, shares of UP have slumped 56.4% since its stock market debut to close yesterday’s trading session at $4.33.
Here’s what could shape UP’s performance in the near term:
New Variant and Travel Ban