Wall Street Zen Downgrades Surf Air Mobility (NYSE:SRFM) to Sell

by · The Markets Daily

Surf Air Mobility (NYSE:SRFM – Get Free Report) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

SRFM has been the subject of a number of other research reports. Canaccord Genuity Group set a $1.50 price objective on shares of Surf Air Mobility in a report on Wednesday, May 13th. Weiss Ratings cut shares of Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 24th. Alliance Global Partners initiated coverage on shares of Surf Air Mobility in a research report on Friday, May 1st. They issued a “buy” rating and a $2.75 price target on the stock. Finally, Northland Securities initiated coverage on shares of Surf Air Mobility in a report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 price target for the company. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.08.

Read Our Latest Report on SRFM

Surf Air Mobility Trading Down 0.7%

SRFM stock opened at $0.76 on Friday. The firm has a market cap of $80.63 million, a P/E ratio of -0.29 and a beta of 2.83. Surf Air Mobility has a 12-month low of $0.67 and a 12-month high of $6.17. The stock’s 50 day simple moving average is $0.99 and its 200 day simple moving average is $1.42.

Insider Activity at Surf Air Mobility

In related news, CEO Deanna Leigh White sold 56,884 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $1.31, for a total value of $74,518.04. Following the sale, the chief executive officer 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $1.31, for a total value of $100,305.39. Following the transaction, the chief financial officer owned 470,816 shares of the company’s stock, valued at $616,768.96. This represents a 13.99% decrease in their position. 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. Company insiders own 4.19% of the company’s stock.

Institutional Investors Weigh In On Surf Air Mobility

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Surf Air Mobility by 233.2% during the third 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 during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Surf Air Mobility by 81,240.1% in the 3rd quarter. Raymond James Financial Inc. now owns 952,492 shares of the company’s stock worth $4,086,000 after acquiring an additional 951,321 shares during the period. HRT Financial LP bought a new stake in Surf Air Mobility in the 2nd quarter valued at about $2,212,000. Geode Capital Management LLC lifted its position in Surf Air Mobility by 103.6% in the 4th 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 during the last quarter. Finally, Millennium Management LLC lifted its position in Surf Air Mobility by 3,450.8% in the 3rd 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 during the last quarter. 17.68% of the stock is currently owned by institutional investors.

Surf Air Mobility Company Profile

(Get Free Report)

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.

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