Surf Air Mobility (NYSE:SRFM) Stock Price Down 4.9% – Time to Sell?

Surf Air Mobility Inc. (NYSE:SRFM)’s share price traded down 4.9% during mid-day trading on Friday . The stock traded as low as $2.02 and last traded at $2.0250. 3,591,326 shares traded hands during trading, an increase of 5% from the average session volume of 3,425,519 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SRFM. Canaccord Genuity Group cut their target price on shares of Surf Air Mobility from $3.75 to $3.50 and set a “hold” rating for the company in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Surf Air Mobility in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Surf Air Mobility has an average rating of “Hold” and an average target price of $6.50.

Surf Air Mobility Stock Down 4.9%

The business’s fifty day moving average is $2.76 and its two-hundred day moving average is $3.82. The stock has a market capitalization of $126.74 million, a PE ratio of -0.82 and a beta of 3.04.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.03). The company had revenue of $29.17 million for the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRFM. JPMorgan Chase & Co. raised its position in Surf Air Mobility by 18,757.1% during the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock valued at $28,000 after purchasing an additional 6,565 shares during the period. Bank of America Corp DE boosted its holdings in shares of Surf Air Mobility by 7,157.9% in the 3rd quarter. Bank of America Corp DE now owns 10,161 shares of the company’s stock worth $44,000 after purchasing an additional 10,021 shares during the period. J.W. Cole Advisors Inc. bought a new position in shares of Surf Air Mobility during the 3rd quarter valued at approximately $47,000. Jefferies Financial Group Inc. purchased a new stake in Surf Air Mobility during the 3rd quarter valued at $47,000. Finally, Private Advisor Group LLC purchased a new stake in Surf Air Mobility during the 3rd quarter valued at $48,000. 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.