Surf Air Mobility (NYSE:SRFM) Given New $4.00 Price Target at Piper Sandler

Surf Air Mobility (NYSE:SRFM) had its price target boosted by analysts at Piper Sandler from $3.00 to $4.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 57.23% from the company’s current price.

Other research analysts also recently issued research reports about the company. Canaccord Genuity Group upgraded Surf Air Mobility from a “hold” rating to a “buy” rating and dropped their price objective for the company from $3.75 to $3.25 in a report on Wednesday, April 2nd. HC Wainwright initiated coverage on Surf Air Mobility in a report on Friday, March 7th. They issued a “buy” rating and a $12.00 price target for the company.

Surf Air Mobility Stock Down 2.2%

NYSE SRFM traded down $0.06 on Tuesday, hitting $2.54. 1,205,056 shares of the stock were exchanged, compared to its average volume of 463,195. Surf Air Mobility has a fifty-two week low of $0.90 and a fifty-two week high of $6.72. The company has a 50-day moving average price of $2.45 and a 200-day moving average price of $3.51. The company has a market cap of $49.06 million, a PE ratio of -0.16 and a beta of 2.35.

Surf Air Mobility (NYSE:SRFM) last posted its earnings results on Tuesday, May 13th. The company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.08) by ($0.23). The company had revenue of $23.51 million during the quarter, compared to analysts’ expectations of $23.00 million.

Insider Transactions at Surf Air Mobility

In other news, Director Tyler Painter sold 25,417 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $3.65, for a total transaction of $92,772.05. Following the completion of the sale, the director now owns 40,765 shares in the company, valued at approximately $148,792.25. This represents a 38.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sudhin Shahani sold 75,840 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $2.43, for a total value of $184,291.20. Following the transaction, the director now directly owns 549,578 shares in the company, valued at approximately $1,335,474.54. This represents a 12.13% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,306 shares of company stock worth $301,784. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in Surf Air Mobility by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock valued at $503,000 after buying an additional 4,215 shares during the period. Jane Street Group LLC acquired a new position in shares of Surf Air Mobility during the fourth quarter worth about $99,000. Marshall Wace LLP acquired a new position in shares of Surf Air Mobility during the fourth quarter worth about $375,000. Finally, XTX Topco Ltd purchased a new position in Surf Air Mobility during the fourth quarter worth about $63,000. 17.68% of the stock is currently owned by hedge funds and other institutional investors.

About Surf Air Mobility

Surf Air Mobility Inc operates as an electric aviation and air travel company in the United States. The company offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties. Surf Air Mobility Inc is headquartered in Hawthorne, California.