Short Interest in Surf Air Mobility Inc. (NYSE:SRFM) Increases By 49.3%

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 7,654,905 shares, an increase of 49.3% from the November 30th total of 5,128,662 shares. Based on an average daily volume of 3,330,937 shares, the days-to-cover ratio is currently 2.3 days. Currently, 13.3% of the shares of the company are short sold. Currently, 13.3% of the shares of the company are short sold. Based on an average daily volume of 3,330,937 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rathbones Group PLC lifted its holdings in shares of Surf Air Mobility by 3.1% during the 3rd quarter. Rathbones Group PLC now owns 166,759 shares of the company’s stock valued at $715,000 after acquiring an additional 5,000 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Surf Air Mobility by 18,757.1% in the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock valued at $28,000 after buying an additional 6,565 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Surf Air Mobility by 7,157.9% in the third quarter. Bank of America Corp DE now owns 10,161 shares of the company’s stock valued at $44,000 after buying an additional 10,021 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Surf Air Mobility during the 3rd quarter valued at about $47,000. Finally, J.W. Cole Advisors Inc. acquired a new position in Surf Air Mobility during the 3rd quarter worth approximately $47,000. 17.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on SRFM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Surf Air Mobility in a research note on Wednesday, October 8th. Canaccord Genuity Group dropped their target price on Surf Air Mobility from $3.75 to $3.50 and set a “hold” rating on the stock in a report on Friday, November 14th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $6.50.

Surf Air Mobility Stock Performance

NYSE:SRFM traded down $0.09 during mid-day trading on Monday, hitting $1.95. 1,772,346 shares of the company’s stock traded hands, compared to its average volume of 3,315,762. Surf Air Mobility has a 1 year low of $1.77 and a 1 year high of $9.91. The company has a market cap of $121.74 million, a PE ratio of -0.78 and a beta of 3.05. The firm’s 50 day simple moving average is $2.76 and its 200 day simple moving average is $3.83.

Surf Air Mobility (NYSE:SRFM) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.03). The company had revenue of $29.17 million during the quarter.

About Surf Air Mobility

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.