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

Shares of Surf Air Mobility Inc. (NYSE:SRFM) have been assigned an average recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $3.3125.

Several analysts have issued reports on the stock. Northland Securities assumed coverage on shares of Surf Air Mobility in a research report on Thursday, May 7th. They set an “outperform” rating and a $5.00 price target for the company. Canaccord Genuity Group set a $1.50 price target on shares of Surf Air Mobility in a research report on Wednesday. Weiss Ratings lowered shares of Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 6th. Finally, Alliance Global Partners assumed 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 target for the company.

Surf Air Mobility Stock Up 0.4%

NYSE SRFM opened at $1.26 on Thursday. The company has a 50-day simple moving average of $1.34 and a two-hundred day simple moving average of $2.06. Surf Air Mobility has a 12-month low of $1.01 and a 12-month high of $9.91. The firm has a market cap of $124.87 million, a price-to-earnings ratio of -0.47 and a beta of 2.72.

Insider Activity

In other Surf Air Mobility news, CEO Deanna Leigh White sold 56,884 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $74,518.04. Following the completion of the sale, the chief executive officer directly owned 899,130 shares in the company, valued at $1,177,860.30. This represents a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 company’s 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 sale, the chief financial officer owned 470,816 shares of the company’s stock, valued at approximately $616,768.96. The trade was a 13.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 190,047 shares of company stock valued at $248,962. Company insiders own 8.00% of the company’s stock.

Institutional Trading of Surf Air Mobility

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Surf Air Mobility by 233.2% in the third 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 stake 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 worth $4,086,000 after purchasing an additional 951,321 shares during the last quarter. HRT Financial LP bought a new stake in shares of Surf Air Mobility in the second quarter worth about $2,212,000. Geode Capital Management LLC grew its stake 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 worth $1,072,000 after purchasing an additional 281,045 shares during the last quarter. Finally, Millennium Management LLC grew its stake 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 worth $2,095,000 after purchasing an additional 474,521 shares during the last quarter. 17.68% of the stock is owned by institutional investors.

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.