Insider Selling: Surf Air Mobility (NYSE:SRFM) CFO Sells $37,824.94 in Stock

Surf Air Mobility Inc. (NYSE:SRFM) CFO Oliver Reeves sold 28,874 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $1.31, for a total transaction of $37,824.94. Following the sale, the chief financial officer owned 289,564 shares of the company’s stock, valued at approximately $379,328.84. This represents a 9.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Surf Air Mobility Stock Performance

Shares of Surf Air Mobility stock opened at $1.37 on Monday. The company has a market cap of $105.10 million, a P/E ratio of -0.39 and a beta of 3.34. Surf Air Mobility Inc. has a one year low of $1.04 and a one year high of $9.91. The firm has a fifty day moving average of $1.60 and a two-hundred day moving average of $2.48.

Analyst Ratings Changes

A number of brokerages have commented on SRFM. Canaccord Genuity Group cut their price objective on shares of Surf Air Mobility from $3.50 to $2.25 and set a “hold” rating for the company in a research report on Monday, March 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Surf Air Mobility in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.13.

Hedge Funds Weigh In On Surf Air Mobility

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Surf Air Mobility by 18,757.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock worth $28,000 after buying an additional 6,565 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Surf Air Mobility by 7,157.9% in the 3rd quarter. Bank of America Corp DE now owns 10,161 shares of the company’s stock valued at $44,000 after purchasing an additional 10,021 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new position in shares of Surf Air Mobility in the 3rd quarter valued at about $47,000. Jefferies Financial Group Inc. purchased a new position in shares of Surf Air Mobility in the 3rd quarter valued at about $47,000. Finally, Private Advisor Group LLC purchased a new position in shares of Surf Air Mobility in the 3rd quarter valued at about $48,000. Hedge funds and other institutional investors 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.