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

Shares of Surf Air Mobility Inc. (NYSE:SRFM) have received a consensus recommendation of “Hold” from the five analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $3.3125.

SRFM has been the subject of several research analyst reports. Canaccord Genuity Group set a $1.50 price objective on Surf Air Mobility in a research report on Wednesday, May 13th. Weiss Ratings cut Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Surf Air Mobility from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Northland Securities assumed coverage on Surf Air Mobility in a research report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 price objective for the company. Finally, Alliance Global Partners assumed coverage on shares of Surf Air Mobility in a report on Friday, May 1st. They issued a “buy” rating and a $2.75 target price for the company.

Insider Transactions at Surf Air Mobility

In other Surf Air Mobility news, CEO Deanna Leigh White sold 56,884 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1.31, for a total value of $74,518.04. Following the completion of the transaction, the chief executive officer directly owned 899,130 shares of the company’s stock, valued at approximately $1,177,860.30. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Oliver Reeves sold 76,569 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $100,305.39. Following the completion of the transaction, the chief financial officer directly owned 470,816 shares of the company’s stock, valued at approximately $616,768.96. This trade represents a 13.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 190,047 shares of company stock valued at $248,962. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SRFM. Bank of New York Mellon Corp purchased a new position in shares of Surf Air Mobility in the first quarter valued at $26,000. JPMorgan Chase & Co. increased its position in shares of Surf Air Mobility by 18,757.1% in the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock valued at $28,000 after buying an additional 6,565 shares in the last quarter. Bank of America Corp DE increased its position in shares of Surf Air Mobility by 7,157.9% in the third quarter. Bank of America Corp DE now owns 10,161 shares of the company’s stock valued at $44,000 after buying an additional 10,021 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Surf Air Mobility in the fourth quarter valued at $45,000. Finally, J.W. Cole Advisors Inc. purchased a new position in shares of Surf Air Mobility in the third quarter valued at $47,000. 17.68% of the stock is owned by hedge funds and other institutional investors.

Surf Air Mobility Stock Up 0.4%

NYSE SRFM opened at $1.25 on Monday. The stock has a market capitalization of $125.00 million, a P/E ratio of -0.47 and a beta of 2.75. Surf Air Mobility has a 52-week low of $1.01 and a 52-week high of $9.91. The firm has a 50-day moving average price of $1.22 and a 200 day moving average price of $1.85.

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.