Surf Air Mobility (NYSE:SRFM) Trading Up 4.7% – Time to Buy?

Surf Air Mobility Inc. (NYSE:SRFM)’s share price rose 4.7% during trading on Tuesday . The stock traded as high as $0.8038 and last traded at $0.7650. Approximately 1,758,824 shares changed hands during trading, a decline of 86% from the average daily volume of 12,648,590 shares. The stock had previously closed at $0.7310.

Analyst Upgrades and Downgrades

Several research firms have commented on SRFM. Northland Securities began coverage on shares of Surf Air Mobility in a research report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 target price for the company. Canaccord Genuity Group set a $1.50 price objective on shares of Surf Air Mobility in a research note on Wednesday, May 13th. Wall Street Zen upgraded shares of Surf Air Mobility from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings raised Surf Air Mobility from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 9th. Finally, Alliance Global Partners initiated coverage on Surf Air Mobility in a research note on Friday, May 1st. They set a “buy” rating and a $2.75 price target for the company. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.08.

Surf Air Mobility Stock Performance

The stock has a market capitalization of $83.71 million, a PE ratio of -0.30 and a beta of 2.74. The firm has a 50 day moving average of $1.05 and a 200-day moving average of $1.53.

Insider Activity at Surf Air Mobility

In other Surf Air Mobility news, CEO Deanna Leigh White sold 56,884 shares of the 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 $74,518.04. Following the completion of the sale, the chief executive officer owned 899,130 shares in the company, valued at $1,177,860.30. This represents a 5.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Surf Air Mobility stock in a transaction on 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 directly owned 470,816 shares of the company’s stock, valued at $616,768.96. This trade represents a 13.99% decrease in their position. 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. 4.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Surf Air Mobility

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Surf Air Mobility by 233.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,886,429 shares of the company’s stock valued at $8,093,000 after acquiring an additional 1,320,353 shares during the last quarter. Raymond James Financial Inc. grew its holdings in Surf Air Mobility by 81,240.1% during the third quarter. Raymond James Financial Inc. now owns 952,492 shares of the company’s stock valued at $4,086,000 after purchasing an additional 951,321 shares during the last quarter. HRT Financial LP bought a new position in shares of Surf Air Mobility in the second quarter valued at approximately $2,212,000. Millennium Management LLC lifted 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 buying an additional 474,521 shares during the last quarter. Finally, Balefire LLC bought a new stake in shares of Surf Air Mobility during the 1st quarter worth $376,000. 17.68% of the stock is currently owned by institutional investors.

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.