Director Edward Shapiro Recently Purchased Millions of Dollars of United Airlines Holdings Stock.

United stock (NASDAQ: UAL) has been down 13 percent this year, compared to the S&P 500 index’s 18 percent drop SPX +1.06 percent. United has lately experienced an uptick in demand despite the reduction in the share price. Transatlantic flights have been added for the summer. The Memorial Day weekend, on the other hand, was a miserable one for flying travelers. Even though demand was high, hundreds of flights were canceled due to a combination of factors including inclement weather, air traffic delays, ill crew members, and more.

SEC filings show Shapiro spent a total of $4.1 million over three days in June for 100,000 United shares, at an average price of $41.20 per share. On Friday, the stock was trading at $37.95.

Shapiro, a former managing partner of Par Capital Management, last bought United stock on the open market in August 2019, paying $820,000 for 10,000 shares at an average price of $82 apiece.

Shapiro, a director of United since 2016, was not made available for comment after the business failed to reply to a request.

United Airlines has “survived the pandemic better than others and is emerging with positive trends,” according to a June 8 research from J.P. Morgan analyst, Jamie Baker. United’s Next approach is starting to take root, according to Baker, who has an Overweight rating. His pricing objective is $76.

In August 2019, Edward Shapiro bought 10,000 shares of United. This article originally said that he had purchased 100,000 shares, while he only purchased 10,000.

Investors that have insider statuses, such as the SEC or other government bodies, are required to report stock transactions.