Surf Air Mobility (NYSE:SRFM) Price Target Raised to $4.00

Surf Air Mobility (NYSE:SRFM) had its price target lifted by Piper Sandler from $3.00 to $4.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group raised Surf Air Mobility from a “hold” rating to a “buy” rating and cut their price objective for the company from $3.75 to $3.25 in a report on Wednesday, April 2nd. HC Wainwright began coverage on Surf Air Mobility in a report on Friday, March 7th. They set a “buy” rating and a $12.00 price target for the company.

Surf Air Mobility Price Performance

Shares of NYSE:SRFM opened at $2.26 on Tuesday. The company has a market capitalization of $43.58 million, a P/E ratio of -0.14 and a beta of 2.35. Surf Air Mobility has a 1 year low of $0.90 and a 1 year high of $6.72. The business’s 50 day simple moving average is $2.46 and its 200 day simple moving average is $3.49.

Surf Air Mobility (NYSE:SRFM) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.08) by ($0.23). The company had revenue of $23.51 million for the quarter, compared to analyst estimates of $23.00 million.

Insider Activity

In other Surf Air Mobility news, Director Sudhin Shahani sold 75,840 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $2.43, for a total value of $184,291.20. Following the completion of the sale, the director now directly owns 549,578 shares of the company’s stock, valued at approximately $1,335,474.54. This represents a 12.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Tyler Painter sold 25,417 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $3.65, for a total value of $92,772.05. Following the completion of the transaction, the director now directly owns 40,765 shares of the company’s stock, valued at approximately $148,792.25. This represents a 38.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,306 shares of company stock worth $301,784 in the last three months. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Surf Air Mobility

Large investors have recently made changes to their positions in the business. XTX Topco Ltd grew its holdings in Surf Air Mobility by 44.6% during the first quarter. XTX Topco Ltd now owns 16,906 shares of the company’s stock valued at $45,000 after purchasing an additional 5,214 shares during the period. Jane Street Group LLC bought a new position in shares of Surf Air Mobility in the fourth quarter worth $99,000. Marshall Wace LLP bought a new stake in shares of Surf Air Mobility during the 4th quarter valued at about $375,000. Finally, Geode Capital Management LLC increased its position in shares of Surf Air Mobility by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock worth $503,000 after purchasing an additional 4,215 shares during the last quarter. 17.68% of the stock is owned by hedge funds and other 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.