Surf Air Mobility (NYSE:SRFM) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Surf Air Mobility (NYSE:SRFM) from a hold rating to a sell rating in a research note issued to investors on Saturday.

SRFM has been the subject of a number of other reports. Northland Securities assumed coverage on Surf Air Mobility in a report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 price objective for the company. Alliance Global Partners initiated coverage on Surf Air Mobility in a report on Friday, May 1st. They set a “buy” rating and a $2.75 price objective on the stock. Weiss Ratings downgraded Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 24th. Finally, Canaccord Genuity Group set a $1.50 target price on Surf Air Mobility in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Surf Air Mobility has a consensus rating of “Hold” and an average target price of $3.08.

Surf Air Mobility Stock Up 2.2%

NYSE SRFM opened at $0.78 on Friday. The stock’s 50-day simple moving average is $0.98 and its two-hundred day simple moving average is $1.41. Surf Air Mobility has a twelve month low of $0.67 and a twelve month high of $6.17. The company has a market capitalization of $82.97 million, a price-to-earnings ratio of -0.29 and a beta of 2.83.

Insider Activity

In related news, CEO Deanna Leigh White sold 56,884 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $1.31, for a total transaction of $74,518.04. Following the completion of the sale, the chief executive officer directly owned 899,130 shares in the company, valued at $1,177,860.30. This represents a 5.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $1.31, for a total value of $100,305.39. Following the transaction, the chief financial officer owned 470,816 shares in the company, valued at approximately $616,768.96. The trade was a 13.99% decrease in their ownership of the stock. 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. Corporate insiders own 4.19% of the company’s stock.

Institutional Trading of Surf Air Mobility

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in shares of Surf Air Mobility in the first quarter worth $26,000. JPMorgan Chase & Co. boosted its position in Surf Air Mobility by 18,757.1% during the 3rd 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 during the period. Bank of America Corp DE boosted its position in Surf Air Mobility by 7,157.9% during the 3rd 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 during the period. Price T Rowe Associates Inc. MD bought a new stake in Surf Air Mobility in the 4th quarter worth $45,000. Finally, Jefferies Financial Group Inc. bought a new stake in Surf Air Mobility in the 3rd quarter worth $47,000. Hedge funds and other 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.