Surf Air Mobility (NYSE:SRFM) Given New $3.75 Price Target at Canaccord Genuity Group

Surf Air Mobility (NYSE:SRFM) had its target price raised by Canaccord Genuity Group from $3.00 to $3.75 in a report published on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Separately, Piper Sandler raised their target price on Surf Air Mobility from $3.00 to $4.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th.

Surf Air Mobility Price Performance

Shares of SRFM opened at $4.39 on Monday. The stock has a 50-day moving average of $4.25 and a 200-day moving average of $3.52. The company has a market cap of $84.64 million, a PE ratio of -1.58 and a beta of 2.92. Surf Air Mobility has a one year low of $0.90 and a one year high of $9.91.

Surf Air Mobility (NYSE:SRFM) last issued its earnings results on Tuesday, August 12th. The company reported ($0.93) EPS for the quarter, beating the consensus estimate of ($1.09) by $0.16. The firm had revenue of $27.43 million during the quarter, compared to analyst estimates of $25.90 million.

Insider Activity

In related news, Director Tyler Painter sold 22,000 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $5.00, for a total value of $110,000.00. Following the transaction, the director owned 182 shares of the company’s stock, valued at approximately $910. This trade represents a 99.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sudhin Shahani sold 75,840 shares of the firm’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 directly owned 549,578 shares in the company, valued at approximately $1,335,474.54. The trade was a 12.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 126,472 shares of company stock worth $393,344. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Surf Air Mobility

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Surf Air Mobility by 4.7% in 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 in the last quarter. XTX Topco Ltd lifted its position in Surf Air Mobility by 44.6% in the 1st quarter. XTX Topco Ltd now owns 16,906 shares of the company’s stock valued at $45,000 after acquiring an additional 5,214 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Surf Air Mobility by 1,235.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 19,009 shares of the company’s stock worth $70,000 after buying an additional 17,586 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Surf Air Mobility during the 4th quarter worth approximately $99,000. Finally, Marshall Wace LLP bought a new position in shares of Surf Air Mobility during the 4th quarter worth approximately $375,000. Institutional investors 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.