Piper Sandler Issues Positive Forecast for Surf Air Mobility (NYSE:SRFM) Stock Price

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

SRFM has been the subject of several other research reports. Canaccord Genuity Group raised shares of Surf Air Mobility from a “hold” rating to a “buy” rating and cut their target price for the company from $3.75 to $3.25 in a research note on Wednesday, April 2nd. HC Wainwright initiated coverage on shares of Surf Air Mobility in a research note on Friday, March 7th. They issued a “buy” rating and a $12.00 target price for the company.

Surf Air Mobility Stock Down 2.7%

NYSE:SRFM opened at $2.53 on Tuesday. The company has a market capitalization of $48.77 million, a PE ratio of -0.16 and a beta of 2.35. Surf Air Mobility has a 52-week low of $0.90 and a 52-week high of $6.72. The stock has a fifty day simple moving average of $2.46 and a 200-day simple moving average of $3.50.

Surf Air Mobility (NYSE:SRFM) last announced its earnings results on Tuesday, May 13th. The company reported ($1.31) earnings per share 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 analysts’ expectations of $23.00 million.

Insider Activity

In other 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 transaction of $184,291.20. Following the completion of the transaction, the director now owns 549,578 shares of the company’s stock, valued at $1,335,474.54. This represents a 12.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Tyler Painter sold 25,417 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $148,792.25. This represents a 38.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,306 shares of company stock valued at $301,784 in the last 90 days. 8.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SRFM. Geode Capital Management LLC increased its stake in shares of Surf Air Mobility by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock valued at $503,000 after acquiring an additional 4,215 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Surf Air Mobility during the 4th quarter worth about $63,000. Marshall Wace LLP purchased a new stake in shares of Surf Air Mobility during the 4th quarter worth about $375,000. Finally, Jane Street Group LLC purchased a new stake in shares of Surf Air Mobility during the 4th quarter worth about $99,000. 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.