Surf Air Mobility (NYSE:SRFM) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Surf Air Mobility (NYSE:SRFM) from a hold rating to a sell rating in a research note published on Monday morning.

Other equities research analysts also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Canaccord Genuity Group set a $1.50 price objective on Surf Air Mobility in a report on Wednesday, May 13th. Alliance Global Partners initiated coverage on Surf Air Mobility in a research note on Friday, May 1st. They issued a “buy” rating and a $2.75 target price on the stock. Northland Securities started coverage on Surf Air Mobility in a report on Thursday, May 7th. They set an “outperform” rating and a $5.00 target price on the stock. Finally, Weiss Ratings lowered Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.92.

Surf Air Mobility Price Performance

NYSE:SRFM opened at $0.69 on Monday. The firm has a market capitalization of $84.94 million, a P/E ratio of -0.43 and a beta of 2.83. Surf Air Mobility has a 1-year low of $0.63 and a 1-year high of $6.17. The company’s fifty day moving average price is $0.88 and its 200-day moving average price is $1.26.

Surf Air Mobility (NYSE:SRFM) last issued its earnings results on Monday, August 10th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.11). The company had revenue of $29.51 million for the quarter. Equities analysts anticipate that Surf Air Mobility will post -0.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SRFM. Geode Capital Management LLC lifted its position in shares of Surf Air Mobility by 14.6% in the second quarter. Geode Capital Management LLC now owns 127,602 shares of the company’s stock valued at $471,000 after acquiring an additional 16,273 shares in the last quarter. HRT Financial LP acquired a new stake in shares of Surf Air Mobility in the second quarter worth approximately $2,212,000. Tower Research Capital LLC TRC increased its position in shares of Surf Air Mobility by 1,235.8% during the second quarter. Tower Research Capital LLC TRC now owns 19,009 shares of the company’s stock worth $70,000 after purchasing an additional 17,586 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of Surf Air Mobility by 669.8% during the second quarter. Osaic Holdings Inc. now owns 17,244 shares of the company’s stock worth $64,000 after purchasing an additional 15,004 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Surf Air Mobility by 18,757.1% during the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock worth $28,000 after purchasing an additional 6,565 shares in the last quarter. Hedge funds and other institutional investors own 17.68% of the company’s stock.

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.