Surf Air Mobility Inc. (NYSE:SRFM) Receives $3.31 Average Target Price from Analysts

Surf Air Mobility Inc. (NYSE:SRFM) has received a consensus rating of “Hold” from the five brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $3.3125.

A number of research analysts recently issued reports on SRFM shares. Wall Street Zen raised Surf Air Mobility from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings lowered Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 6th. Alliance Global Partners started coverage on Surf Air Mobility in a research report on Friday, May 1st. They issued a “buy” rating and a $2.75 price objective for the company. Canaccord Genuity Group set a $1.50 target price on Surf Air Mobility in a research report on Wednesday, May 13th. Finally, Northland Securities started coverage on Surf Air Mobility in a research report on Thursday, May 7th. They set an “outperform” rating and a $5.00 target price for the company.

Surf Air Mobility Stock Performance

Shares of NYSE SRFM opened at $1.11 on Monday. The business has a fifty day moving average of $1.20 and a two-hundred day moving average of $1.80. Surf Air Mobility has a 52-week low of $1.01 and a 52-week high of $9.91. The stock has a market cap of $110.95 million, a PE ratio of -0.42 and a beta of 2.75.

Insider Activity

In other news, CFO Oliver Reeves sold 76,569 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $1.31, for a total transaction of $100,305.39. Following the completion of the transaction, the chief financial officer directly owned 470,816 shares in the company, valued at approximately $616,768.96. The trade was a 13.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Deanna Leigh White sold 56,884 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $1.31, for a total value of $74,518.04. Following the transaction, the chief executive officer owned 899,130 shares of the company’s stock, valued at $1,177,860.30. The trade was a 5.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 190,047 shares of company stock valued at $248,962 over the last 90 days. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On Surf Air Mobility

Several institutional investors and hedge funds have recently modified their holdings of the business. J. Derek Lewis & Associates Inc. grew its position in shares of Surf Air Mobility by 84.3% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company’s stock valued at $337,000 after purchasing an additional 134,000 shares during the period. Balefire LLC acquired a new position in shares of Surf Air Mobility in the 1st quarter valued at approximately $376,000. Bank of New York Mellon Corp acquired a new position in shares of Surf Air Mobility in the 1st quarter valued at approximately $26,000. Aristides Capital LLC bought a new stake in Surf Air Mobility in the 4th quarter valued at approximately $195,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Surf Air Mobility in the 4th quarter valued at approximately $127,000. 17.68% of the stock is currently owned by institutional investors and hedge funds.

Surf Air Mobility Company Profile

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.