Sudhin Shahani Sells 75,840 Shares of Surf Air Mobility Inc. (NYSE:SRFM) Stock

Surf Air Mobility Inc. (NYSE:SRFM) Director Sudhin Shahani sold 75,840 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $2.43, for a total transaction of $184,291.20. Following the completion of the sale, the director now directly owns 549,578 shares of the company’s stock, valued at $1,335,474.54. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Surf Air Mobility Trading Up 0.6%

SRFM stock opened at $2.37 on Friday. The firm’s 50-day moving average price is $2.45 and its two-hundred day moving average price is $3.49. Surf Air Mobility Inc. has a 12-month low of $0.90 and a 12-month high of $6.72. The stock has a market capitalization of $45.76 million, a price-to-earnings ratio of -0.15 and a beta of 2.35.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.08) by ($0.23). The business had revenue of $23.51 million for the quarter, compared to analysts’ expectations of $23.00 million.

Hedge Funds Weigh In On Surf Air Mobility

Hedge funds and other institutional investors have recently modified their holdings of the stock. XTX Topco Ltd increased its position in shares of Surf Air Mobility by 44.6% during the first quarter. XTX Topco Ltd now owns 16,906 shares of the company’s stock valued at $45,000 after buying an additional 5,214 shares during the period. Jane Street Group LLC bought a new stake in Surf Air Mobility during the fourth quarter worth about $99,000. Marshall Wace LLP bought a new stake in Surf Air Mobility during the fourth quarter worth about $375,000. Finally, Geode Capital Management LLC boosted its stake in Surf Air Mobility by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock worth $503,000 after acquiring an additional 4,215 shares in the last quarter. Hedge funds and other institutional investors own 17.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SRFM. Canaccord Genuity Group raised shares of Surf Air Mobility from a “hold” rating to a “buy” rating and lowered their price target for the stock from $3.75 to $3.25 in a research note on Wednesday, April 2nd. HC Wainwright assumed coverage on shares of Surf Air Mobility in a research note on Friday, March 7th. They issued a “buy” rating and a $12.00 price target for the company.

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.