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

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SRFM. Northland Securities assumed coverage on shares of Surf Air Mobility in a report on Thursday, May 7th. They set an “outperform” rating and a $5.00 target price on the stock. Weiss Ratings lowered shares of Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. 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. Canaccord Genuity Group set a $1.50 price objective on shares of Surf Air Mobility in a research note on Wednesday, May 13th. Finally, Alliance Global Partners started coverage on shares of Surf Air Mobility in a report on Friday, May 1st. They issued a “buy” rating and a $2.75 price objective on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.08.

Surf Air Mobility Stock Performance

The stock has a 50-day moving average of $1.16 and a two-hundred day moving average of $1.66. The company has a market cap of $90.27 million, a P/E ratio of -0.34 and a beta of 2.75.

Insiders Place Their Bets

In other news, CFO Oliver Reeves sold 76,569 shares of Surf Air Mobility stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $1.31, for a total value of $100,305.39. Following the completion of the transaction, the chief financial officer owned 470,816 shares of the company’s stock, valued at $616,768.96. The trade was a 13.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 Surf Air Mobility stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $1.31, for a total value of $74,518.04. Following the completion of the transaction, the chief executive officer directly owned 899,130 shares of the company’s stock, valued at approximately $1,177,860.30. This represents a 5.95% decrease in their position. 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. Over the last three months, insiders sold 190,047 shares of company stock worth $248,962. Insiders own 4.19% of the company’s stock.

Institutional Trading of Surf Air Mobility

A number of institutional investors and hedge funds have recently bought and sold shares of SRFM. Bank of New York Mellon Corp bought a new stake in Surf Air Mobility during the 1st quarter valued at about $26,000. JPMorgan Chase & Co. lifted 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 worth $28,000 after buying an additional 6,565 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Surf Air Mobility by 7,157.9% during 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 during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in shares of Surf Air Mobility during the fourth quarter valued at approximately $45,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Surf Air Mobility during the third quarter valued at approximately $47,000. 17.68% of the stock is currently owned by institutional investors.

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.