Wheels Up (UP) Climbs 35% on Million-Dollar Cost Savings Expectations

We recently published 10 Stocks With Double-Digit to 100% Upside in Just a Week. Wheels Up Experience Inc. (NYSE:UP) is one of the worst performers on Friday.

Wheels Up Experience rallied by 35.02 percent week-on-week, as investor sentiment was generally buoyed by the divestment of its three non-core businesses that would rake in millions in cost savings in the future.

On Thursday alone, Wheels Up Experience Inc. (NYSE:UP) touched a new all-time high of $3.5, representing a jump of 62 percent from last week’s close, before trimming gains from profit-taking to end Friday slightly lower.

During the week, the company said it was able to raise $20 million in fresh funds from the sale of Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security to TrustFlight, one of the leading aviation safety and compliance solutions providers.

It said the sale would result in some $50 million in cost savings expectations, and support the company’s strategic focus, investments in products, fleet, and operations, as well as strengthen its balance sheet.

“The sale, along with our recently announced initiatives estimated to drive approximately $50 million of cost efficiencies, is expected to create meaningful tailwinds on our path to sustained, profitable growth,” said company CEO George Mattson.

On Thursday, September 4, Mattson is set to present in person at the Jefferies Industrials Conference in New York, where investors will closely watch out for any cues about Wheels Up Experience Inc.’s (NYSE:UP) business plans and outlooks.

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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.