Surf Air Mobility (NYSE:SRFM) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Surf Air Mobility from “hold” to “sell.” Analyst opinions remain mixed: MarketBeat reports an average “hold” rating and an average price target of $2.92.
• Shares fell 4.8% to $0.55 in Friday mid-day trading, near the stock’s one-year low of $0.46.
• The company reported a quarterly loss of $0.16 per share, missing analysts’ estimate of a $0.13 loss; quarterly revenue was $36.46 million.

Surf Air Mobility (NYSE:SRFM - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Sunday, Wall Street Zen reports.

Other research analysts also recently issued research reports about the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Surf Air Mobility in a research note on Thursday, October 22nd. Canaccord Genuity Group lowered their price objective on Surf Air Mobility from $1.50 to $1.00 and set a "hold" rating on the stock in a research note on Monday, August 17th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Surf Air Mobility in a report on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $2.92.

Surf Air Mobility Trading Down 4.8%

Shares of NYSE:SRFM traded down $0.03 during mid-day trading on Friday, reaching $0.55. The company had a trading volume of 2,081,286 shares, compared to its average volume of 1,769,530. Surf Air Mobility has a one year low of $0.46 and a one year high of $3.50. The company's 50-day moving average price is $0.79 and its 200-day moving average price is $1.12. The firm has a market cap of $74.90 million, a price-to-earnings ratio of -0.49 and a beta of 2.65.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.03). The business had revenue of $36.46 million during the quarter. On average, research analysts anticipate that Surf Air Mobility will post -0.72 EPS for the current fiscal year.

Institutional Trading of Surf Air Mobility

A number of hedge funds and other institutional investors have recently bought and sold shares of SRFM. J. Derek Lewis & Associates Inc. increased its holdings in shares of Surf Air Mobility by 12.4% in the 3rd quarter. J. Derek Lewis & Associates Inc. now owns 136,000 shares of the company's stock worth $163,000 after buying an additional 15,000 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Surf Air Mobility during the 1st quarter worth $26,000. Parrish Capital LLC bought a new stake in shares of Surf Air Mobility during the 2nd quarter worth $27,000. Rathbones Group PLC grew its position in Surf Air Mobility by 7.4% in the third quarter. Rathbones Group PLC now owns 343,576 shares of the company's stock worth $412,000 after acquiring an additional 23,750 shares in the last quarter. Finally, Ritholtz Wealth Management purchased a new position in Surf Air Mobility in the third quarter worth $37,000. 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.

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