Surf Air Mobility (NYSE:SRFM) Price Target Cut to $1.00 by Analysts at Canaccord Genuity Group

Surf Air Mobility (NYSE:SRFM) had its price target dropped by stock analysts at Canaccord Genuity Group from $1.50 to $1.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 38.70% from the company’s previous close.

A number of other brokerages have also recently commented on SRFM. Wall Street Zen cut shares of Surf Air Mobility from a “hold” rating to a “sell” rating in a research note on Monday. Alliance Global Partners initiated coverage on Surf Air Mobility in a research report on Friday, May 1st. They set a “buy” rating and a $2.75 target price for the company. Weiss Ratings lowered Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 24th. Northland Securities started 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. Finally, HC Wainwright restated a “buy” rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.92.

Surf Air Mobility Stock Performance

NYSE:SRFM opened at $0.72 on Monday. The company has a 50-day moving average of $0.91 and a 200-day moving average of $1.30. Surf Air Mobility has a 52 week low of $0.67 and a 52 week high of $6.17. The company has a market capitalization of $89.15 million, a price-to-earnings ratio of -0.45 and a beta of 2.83.

Institutional Investors Weigh In On Surf Air Mobility

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Surf Air Mobility by 14.6% in the 2nd quarter. Geode Capital Management LLC now owns 127,602 shares of the company’s stock worth $471,000 after purchasing an additional 16,273 shares during the last quarter. HRT Financial LP bought a new position in Surf Air Mobility in the 2nd quarter valued at $2,212,000. Tower Research Capital LLC TRC increased its stake 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 buying an additional 17,586 shares during the period. Osaic Holdings Inc. raised its position 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 acquiring an additional 15,004 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Surf Air Mobility by 18,757.1% during the third 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 and hedge funds 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.