Surf Air Mobility (NYSE:SRFM) Earns Outperform Rating from Analysts at Northland Securities

Stock analysts at Northland Securities assumed coverage on shares of Surf Air Mobility (NYSE:SRFM) in a report issued on Thursday,Benzinga reports. The brokerage set an “outperform” rating and a $5.00 price target on the stock. Northland Securities’ price objective indicates a potential upside of 263.64% from the stock’s current price.

Several other research analysts also recently commented on SRFM. Canaccord Genuity Group reduced their price objective on Surf Air Mobility from $3.50 to $2.25 and set a “hold” rating on the stock in a report on Monday, March 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Surf Air Mobility in a research report on Monday, April 20th. Finally, Alliance Global Partners initiated coverage on Surf Air Mobility in a research note on Friday, May 1st. They set a “buy” rating and a $2.75 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.50.

Surf Air Mobility Stock Performance

Surf Air Mobility stock opened at $1.38 on Thursday. The company has a market capitalization of $136.81 million, a PE ratio of -0.40 and a beta of 2.72. The company has a 50 day moving average price of $1.41 and a 200-day moving average price of $2.17. Surf Air Mobility has a fifty-two week low of $1.01 and a fifty-two week high of $9.91.

Insiders Place Their Bets

In other Surf Air Mobility news, CEO Deanna Leigh White sold 27,720 shares of Surf Air Mobility stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $1.31, for a total value of $36,313.20. Following the transaction, the chief executive officer owned 675,530 shares in the company, valued at $884,944.30. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Oliver Reeves sold 28,874 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $1.31, for a total transaction of $37,824.94. Following the completion of the transaction, the chief financial officer owned 289,564 shares of the company’s stock, valued at $379,328.84. This represents a 9.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SRFM. Vanguard Group Inc. raised its stake in shares of Surf Air Mobility by 233.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,886,429 shares of the company’s stock worth $8,093,000 after acquiring an additional 1,320,353 shares in the last quarter. Raymond James Financial Inc. boosted its stake in Surf Air Mobility by 81,240.1% in the third quarter. Raymond James Financial Inc. now owns 952,492 shares of the company’s stock valued at $4,086,000 after acquiring an additional 951,321 shares in the last quarter. HRT Financial LP purchased a new position in Surf Air Mobility in the second quarter worth $2,212,000. Millennium Management LLC grew its holdings in Surf Air Mobility by 3,450.8% in the third quarter. Millennium Management LLC now owns 488,272 shares of the company’s stock worth $2,095,000 after purchasing an additional 474,521 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Surf Air Mobility by 246.3% during the third quarter. UBS Group AG now owns 447,260 shares of the company’s stock worth $1,919,000 after purchasing an additional 318,108 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.