Surf Air Mobility (NYSE:SRFM) Trading Down 0.3% – Here’s What Happened

Surf Air Mobility Inc. (NYSE:SRFM) fell 0.3% during trading on Monday . The company traded as low as $0.86 and last traded at $0.8990. Approximately 107,524,783 shares were traded during mid-day trading, an increase of 2,775% from the average session volume of 3,740,634 shares. The stock had previously closed at $0.9019.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Surf Air Mobility from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Northland Securities assumed coverage on shares of Surf Air Mobility in a report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 target price on the stock. Weiss Ratings cut shares of Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 6th. Alliance Global Partners started coverage on shares of Surf Air Mobility in a report on Friday, May 1st. They set a “buy” rating and a $2.75 price target for the company. Finally, Canaccord Genuity Group set a $1.50 price target on shares of Surf Air Mobility in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.08.

Surf Air Mobility Price Performance

The stock has a 50-day simple moving average of $1.15 and a 200-day simple moving average of $1.66. The stock has a market cap of $108.89 million, a P/E ratio of -0.39 and a beta of 2.75.

Insider Buying and Selling

In related news, CFO Oliver Reeves sold 76,569 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $100,305.39. Following the completion of the transaction, the chief financial officer directly owned 470,816 shares in the company, valued at $616,768.96. This represents a 13.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Deanna Leigh White sold 56,884 shares of the company’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 transaction of $74,518.04. Following the transaction, the chief executive officer owned 899,130 shares of the company’s stock, valued at approximately $1,177,860.30. This represents a 5.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 190,047 shares of company stock worth $248,962. 4.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Surf Air Mobility

A number of hedge funds and other institutional investors have recently modified their holdings of SRFM. Geode Capital Management LLC increased its holdings in shares of 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 in the last quarter. HRT Financial LP acquired a new stake in shares of Surf Air Mobility during the 2nd quarter valued at $2,212,000. Tower Research Capital LLC TRC grew its position in Surf Air Mobility by 1,235.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 19,009 shares of the company’s stock worth $70,000 after acquiring an additional 17,586 shares during the last quarter. Osaic Holdings Inc. grew its position in 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 acquiring an additional 15,004 shares during the last quarter. Finally, JPMorgan Chase & Co. grew 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 worth $28,000 after acquiring an additional 6,565 shares during the last quarter. 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.