Surf Air Mobility Inc. (NYSE:SRFM) Receives Average Recommendation of “Hold” from Analysts

Shares of Surf Air Mobility Inc. (NYSE:SRFM) have been assigned an average rating of “Hold” from the five research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $3.50.

Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Surf Air Mobility in a research note on Monday, April 20th. Canaccord Genuity Group decreased their target price on shares of Surf Air Mobility from $3.50 to $2.25 and set a “hold” rating for the company in a research note on Monday, March 16th. Northland Securities initiated coverage on shares of Surf Air Mobility in a research report on Thursday. They set an “outperform” rating and a $5.00 price objective for the company. Finally, Alliance Global Partners initiated coverage on shares of Surf Air Mobility in a research report on Friday, May 1st. They set a “buy” rating and a $2.75 price objective for the company.

Surf Air Mobility Trading Up 3.2%

Shares of SRFM stock traded up $0.04 during trading hours on Thursday, hitting $1.41. The company’s stock had a trading volume of 4,883,745 shares, compared to its average volume of 3,690,916. The company has a 50 day moving average of $1.41 and a 200 day moving average of $2.17. The stock has a market cap of $140.69 million, a PE ratio of -0.40 and a beta of 2.72. Surf Air Mobility has a 12-month low of $1.01 and a 12-month high of $9.91.

Insiders Place Their Bets

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

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 1,320,353 shares during the last quarter. Raymond James Financial Inc. grew its position in shares of 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 purchasing an additional 951,321 shares in the last quarter. HRT Financial LP purchased a new stake in shares of Surf Air Mobility in the second quarter valued at approximately $2,212,000. Geode Capital Management LLC grew its position in shares of Surf Air Mobility by 103.6% in the fourth quarter. Geode Capital Management LLC now owns 552,374 shares of the company’s stock valued at $1,072,000 after purchasing an additional 281,045 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Surf Air Mobility by 3,450.8% in the third quarter. Millennium Management LLC now owns 488,272 shares of the company’s stock valued at $2,095,000 after purchasing an additional 474,521 shares in the last quarter. 17.68% of the stock is owned by hedge funds and other institutional investors.

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.