Surf Air Mobility (NYSE:SRFM) Trading Up 4% – Time to Buy?

Surf Air Mobility Inc. (NYSE:SRFM)’s share price rose 4% on Wednesday . The company traded as high as $2.48 and last traded at $2.43. Approximately 109,362 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 421,737 shares. The stock had previously closed at $2.34.

Wall Street Analyst Weigh In

Several brokerages have commented on SRFM. HC Wainwright initiated coverage on Surf Air Mobility in a research note on Friday, March 7th. They set a “buy” rating and a $12.00 price target for the company. Canaccord Genuity Group raised shares of Surf Air Mobility from a “hold” rating to a “buy” rating and reduced their price target for the company from $3.75 to $3.25 in a research report on Wednesday, April 2nd.

Surf Air Mobility Trading Up 4.0 %

The stock has a market capitalization of $41.85 million, a price-to-earnings ratio of -0.15 and a beta of 2.59. The firm has a 50-day moving average of $3.24 and a 200 day moving average of $3.37.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings results on Tuesday, March 18th. The company reported $0.59 earnings per share for the quarter. The firm had revenue of $28.05 million for the quarter.

Insider Buying and Selling at Surf Air Mobility

In other Surf Air Mobility news, Director Tyler Painter sold 25,417 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $3.65, for a total transaction of $92,772.05. Following the transaction, the director now directly owns 40,765 shares in the company, valued at $148,792.25. This represents a 38.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Surf Air Mobility

A number of institutional investors have recently modified their holdings of SRFM. XTX Topco Ltd acquired a new position in Surf Air Mobility in the fourth quarter worth about $63,000. Brave Asset Management Inc. acquired a new position in shares of Surf Air Mobility in the 4th quarter worth approximately $86,000. Jane Street Group LLC bought a new stake in shares of Surf Air Mobility in the 4th quarter valued at approximately $99,000. Marshall Wace LLP acquired a new stake in shares of Surf Air Mobility during the 4th quarter valued at approximately $375,000. Finally, Geode Capital Management LLC lifted its stake in Surf Air Mobility by 4.7% during 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. Institutional investors and hedge funds own 17.68% of the company’s stock.

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.