Surf Air Mobility (NYSE:SRFM) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Surf Air Mobility Inc. (NYSE:SRFM)’s stock price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $0.79 and traded as high as $0.80. Surf Air Mobility shares last traded at $0.7910, with a volume of 877,458 shares.

Analysts Set New Price Targets

SRFM has been the topic of several analyst reports. Wall Street Zen cut shares of Surf Air Mobility from a “hold” rating to a “sell” rating in a research note on Monday, August 17th. Canaccord Genuity Group lowered their target price on Surf Air Mobility from $1.50 to $1.00 and set a “hold” rating for the company in a research report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Surf Air Mobility in a report on Thursday, October 22nd. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Surf Air Mobility in a report on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.92.

Surf Air Mobility Trading Down 3.8%

The business’s 50-day simple moving average is $0.79 and its two-hundred day simple moving average is $1.21.

Surf Air Mobility (NYSE:SRFM) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.11). The firm had revenue of $29.51 million for the quarter. Equities research analysts forecast that Surf Air Mobility Inc. will post -0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Surf Air Mobility

Several hedge funds and other institutional investors have recently bought and sold shares of SRFM. Bank of New York Mellon Corp acquired a new stake in Surf Air Mobility during the 1st quarter worth about $26,000. Parrish Capital LLC bought a new position in shares of Surf Air Mobility in the 2nd quarter worth about $27,000. Squarepoint Ops LLC acquired a new position in shares of Surf Air Mobility in the 2nd quarter valued at about $53,000. Engineers Gate Manager LP lifted its stake in shares of Surf Air Mobility by 147.4% in the 2nd quarter. Engineers Gate Manager LP now owns 96,389 shares of the company’s stock valued at $112,000 after purchasing an additional 57,423 shares during the period. Finally, J. Derek Lewis & Associates Inc. lifted its stake in shares of Surf Air Mobility by 84.3% in the 1st quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company’s stock valued at $337,000 after purchasing an additional 134,000 shares during the period. Institutional investors and hedge funds 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.