Surf Air Mobility (NYSE:SRFM) Earns Buy Rating from Analysts at Alliance Global Partners

Research analysts at Alliance Global Partners started coverage on shares of Surf Air Mobility (NYSE:SRFM) in a note issued to investors on Friday, Marketbeat reports. The brokerage set a “buy” rating and a $2.75 price target on the stock. Alliance Global Partners’ price objective indicates a potential upside of 151.14% from the stock’s current price.

Several other brokerages also recently issued reports on SRFM. Weiss Ratings reissued a “sell (d-)” rating on shares of Surf Air Mobility in a research report on Monday, April 20th. Canaccord Genuity Group reduced their target price on shares of Surf Air Mobility from $3.50 to $2.25 and set a “hold” rating for the company in a research note on Monday, March 16th. 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $3.00.

Surf Air Mobility Stock Performance

Shares of SRFM stock opened at $1.10 on Friday. Surf Air Mobility has a 52 week low of $1.01 and a 52 week high of $9.91. The company’s 50 day moving average price is $1.44 and its two-hundred day moving average price is $2.27. The company has a market capitalization of $92.33 million, a P/E ratio of -0.31 and a beta of 3.34.

Insider Activity

In related news, CEO Deanna Leigh White sold 27,720 shares of Surf Air Mobility stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $1.31, for a total value of $36,313.20. Following the sale, the chief executive officer owned 675,530 shares of the company’s stock, valued at approximately $884,944.30. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Oliver Reeves sold 28,874 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $1.31, for a total value of $37,824.94. Following the transaction, the chief financial officer directly owned 289,564 shares of the company’s stock, valued at $379,328.84. This trade represents a 9.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Surf Air Mobility

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Surf Air Mobility by 14.6% during the second quarter. Geode Capital Management LLC now owns 127,602 shares of the company’s stock worth $471,000 after buying an additional 16,273 shares during the last quarter. HRT Financial LP acquired a new stake in Surf Air Mobility in the second quarter valued at $2,212,000. Tower Research Capital LLC TRC grew its position in shares of Surf Air Mobility by 1,235.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 19,009 shares of the company’s stock valued at $70,000 after acquiring an additional 17,586 shares during the period. Osaic Holdings Inc. increased its stake in shares of Surf Air Mobility by 669.8% during the 2nd quarter. Osaic Holdings Inc. now owns 17,244 shares of the company’s stock worth $64,000 after purchasing an additional 15,004 shares during the last quarter. Finally, Brave Asset Management Inc. raised its holdings in shares of Surf Air Mobility by 150.0% in the 3rd quarter. Brave Asset Management Inc. now owns 25,000 shares of the company’s stock valued at $107,000 after purchasing an additional 15,000 shares during the period. 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.