Surf Air Mobility (NYSE:SRFM) Trading 4.7% Higher – What’s Next?

Surf Air Mobility Inc. (NYSE:SRFM) shares traded up 4.7% on Tuesday . The company traded as high as $0.8038 and last traded at $0.7650. 1,758,824 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 12,648,590 shares. The stock had previously closed at $0.7310.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SRFM. Wall Street Zen raised shares of Surf Air Mobility from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Alliance Global Partners assumed coverage on Surf Air Mobility in a report on Friday, May 1st. They set a “buy” rating and a $2.75 price objective for the company. Canaccord Genuity Group set a $1.50 target price on Surf Air Mobility in a research report on Wednesday, May 13th. Weiss Ratings upgraded Surf Air Mobility from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 9th. Finally, Northland Securities began coverage on Surf Air Mobility in a research report on Thursday, May 7th. They set an “outperform” rating and a $5.00 price target for the company. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Surf Air Mobility currently has an average rating of “Hold” and a consensus price target of $3.08.

Surf Air Mobility Trading Up 4.7%

The stock’s 50-day moving average is $1.06 and its 200-day moving average is $1.54. The stock has a market cap of $81.27 million, a price-to-earnings ratio of -0.29 and a beta of 2.74.

Insider Buying and Selling

In other news, CFO Oliver Reeves sold 76,569 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $1.31, for a total value of $100,305.39. Following the completion of the sale, the chief financial officer owned 470,816 shares of the company’s stock, valued at $616,768.96. This represents a 13.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $74,518.04. Following the completion of the transaction, the chief executive officer directly owned 899,130 shares in the company, valued at approximately $1,177,860.30. This represents a 5.95% decrease in their position. 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. Insiders own 4.19% of the company’s stock.

Institutional Trading of Surf Air Mobility

A number of institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in Surf Air Mobility by 18,757.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock valued at $28,000 after purchasing an additional 6,565 shares in the last quarter. Bank of America Corp DE raised its position in 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 purchasing an additional 10,021 shares during the period. Jefferies Financial Group Inc. purchased a new position in Surf Air Mobility in the third quarter valued at about $47,000. Private Advisor Group LLC acquired a new position in shares of Surf Air Mobility during the third quarter worth about $48,000. Finally, Osaic Holdings Inc. lifted its stake in shares of Surf Air Mobility by 669.8% during the second quarter. Osaic Holdings Inc. now owns 17,244 shares of the company’s stock worth $64,000 after purchasing an additional 15,004 shares in the last quarter. 17.68% of the stock is owned by hedge funds and other 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.