Short Interest in Surf Air Mobility Inc. (NYSE:SRFM) Rises By 24.8%

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 10,579,536 shares, an increase of 24.8% from the February 26th total of 8,477,928 shares. Based on an average daily trading volume, of 2,689,707 shares, the short-interest ratio is currently 3.9 days. Approximately 14.9% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

SRFM has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Surf Air Mobility in a report on Wednesday, January 21st. Canaccord Genuity Group lowered their target price on shares of Surf Air Mobility from $3.50 to $2.25 and set a “hold” rating on the stock in a report on Monday, March 16th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.13.

Surf Air Mobility Trading Up 3.2%

Surf Air Mobility stock traded up $0.04 during trading on Wednesday, hitting $1.19. 608,785 shares of the company were exchanged, compared to its average volume of 3,191,047. The business’s 50 day moving average is $1.85 and its 200 day moving average is $2.76. Surf Air Mobility has a 52 week low of $1.04 and a 52 week high of $9.91. The company has a market capitalization of $91.39 million, a P/E ratio of -0.34 and a beta of 3.01.

Institutional Trading of Surf Air Mobility

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted 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 valued at $8,093,000 after purchasing an additional 1,320,353 shares in the last quarter. Raymond James Financial Inc. grew its position in 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 purchasing an additional 951,321 shares in the last quarter. HRT Financial LP bought a new stake in Surf Air Mobility in the 2nd quarter worth about $2,212,000. Geode Capital Management LLC increased its stake 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 buying an additional 281,045 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Surf Air Mobility by 3,450.8% during the 3rd quarter. Millennium Management LLC now owns 488,272 shares of the company’s stock worth $2,095,000 after buying an additional 474,521 shares in the last quarter. Institutional investors own 17.68% of the company’s stock.

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.