Surf Air Mobility (NYSE:SRFM) Trading 3.7% Higher – Here’s Why

Surf Air Mobility Inc. (NYSE:SRFM)’s share price was up 3.7% during mid-day trading on Thursday . The company traded as high as $2.66 and last traded at $2.51. Approximately 3,192,444 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 5,035,460 shares. The stock had previously closed at $2.42.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SRFM shares. Canaccord Genuity Group decreased their price target on shares of Surf Air Mobility from $3.75 to $3.50 and set a “hold” rating on the stock in a report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Surf Air Mobility in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $6.50.

Surf Air Mobility Stock Up 3.7%

The stock has a 50 day simple moving average of $2.32 and a 200 day simple moving average of $3.79. The company has a market cap of $157.10 million, a price-to-earnings ratio of -1.01 and a beta of 3.03.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.03). The company had revenue of $29.17 million for the quarter.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Surf Air Mobility by 233.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,886,429 shares of the company’s stock worth $8,093,000 after purchasing an additional 1,320,353 shares during the last quarter. Raymond James Financial Inc. grew its stake in Surf Air Mobility by 81,240.1% in the third quarter. Raymond James Financial Inc. now owns 952,492 shares of the company’s stock worth $4,086,000 after purchasing an additional 951,321 shares in the last quarter. HRT Financial LP acquired a new stake in Surf Air Mobility during the second quarter valued at approximately $2,212,000. Millennium Management LLC lifted its holdings in Surf Air Mobility by 3,450.8% during the 3rd quarter. Millennium Management LLC now owns 488,272 shares of the company’s stock worth $2,095,000 after buying an additional 474,521 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Surf Air Mobility by 246.3% in the 3rd quarter. UBS Group AG now owns 447,260 shares of the company’s stock worth $1,919,000 after acquiring an additional 318,108 shares in the last quarter. 17.68% of the stock is currently owned by institutional investors.

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.