Surf Air Mobility (NYSE:SRFM) Shares Climb 6.8% – Here’s Why

Surf Air Mobility Inc. (NYSE:SRFM)’s share price traded up 6.8% on Monday. The company traded as high as $1.20 and last traded at $1.1850. Approximately 9,833,545 shares changed hands during mid-day trading, an increase of 42% from the average session volume of 6,904,413 shares. The stock had previously closed at $1.11.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SRFM. Wall Street Zen lowered shares of Surf Air Mobility from a “hold” rating to a “sell” rating in a research note on Monday, August 17th. Weiss Ratings lowered shares of Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 24th. Canaccord Genuity Group decreased their price target on shares of Surf Air Mobility from $1.50 to $1.00 and set a “hold” rating for the company in a report on Monday, August 17th. Finally, HC Wainwright restated a “buy” rating on shares of Surf Air Mobility in a report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.92.

Surf Air Mobility Stock Performance

The company has a 50-day simple moving average of $0.73 and a 200 day simple moving average of $1.01. The company has a market capitalization of $146.51 million, a P/E ratio of -0.74 and a beta of 2.81.

Surf Air Mobility (NYSE:SRFM) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.11). The firm had revenue of $29.51 million during the quarter. As a group, sell-side analysts forecast that Surf Air Mobility Inc. will post -0.68 earnings per share for the current year.

Institutional Trading of Surf Air Mobility

Hedge funds have recently bought and sold shares of the stock. Balefire LLC bought a new stake in Surf Air Mobility in the 1st quarter valued at $376,000. J. Derek Lewis & Associates Inc. increased its holdings in shares of Surf Air Mobility by 84.3% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company’s stock worth $337,000 after purchasing an additional 134,000 shares during the period. Aristides Capital LLC bought a new position in shares of Surf Air Mobility during the 4th quarter worth about $195,000. Engineers Gate Manager LP raised its position in shares of Surf Air Mobility by 147.4% during the second quarter. Engineers Gate Manager LP now owns 96,389 shares of the company’s stock valued at $112,000 after buying an additional 57,423 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Surf Air Mobility during the second quarter valued at about $53,000. 17.68% of the stock is 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.