Canaccord Genuity Group Issues Pessimistic Forecast for Surf Air Mobility (NYSE:SRFM) Stock Price

Surf Air Mobility (NYSE:SRFM - Get Free Report) had its target price cut by equities research analysts at Canaccord Genuity Group from $3.25 to $3.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Canaccord Genuity Group's price objective indicates a potential downside of 18.66% from the company's previous close.

A number of other brokerages have also recently commented on SRFM. Piper Sandler raised their price objective on shares of Surf Air Mobility from $3.00 to $4.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. HC Wainwright started coverage on shares of Surf Air Mobility in a report on Friday, March 7th. They set a "buy" rating and a $12.00 price target on the stock.

Surf Air Mobility Trading Up 8.2%

SRFM opened at $3.69 on Friday. The company has a market capitalization of $71.12 million, a price-to-earnings ratio of -0.98 and a beta of 2.35. Surf Air Mobility has a 12-month low of $0.90 and a 12-month high of $6.72. The business's fifty day simple moving average is $2.47 and its 200-day simple moving average is $3.36.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last released 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 business had revenue of $23.51 million for the quarter, compared to the consensus estimate of $23.00 million.

Insider Buying and Selling at Surf Air Mobility

In other Surf Air Mobility news, Director Tyler Painter sold 18,583 shares of Surf Air Mobility stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $4.00, for a total transaction of $74,332.00. Following the completion of the transaction, the director now owns 22,182 shares in the company, valued at approximately $88,728. The trade was a 45.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 in the company, valued at approximately $1,335,474.54. This trade represents a 12.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 126,472 shares of company stock worth $393,344. 8.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in 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 purchasing an additional 4,215 shares in the last quarter. XTX Topco Ltd bought a new position in Surf Air Mobility during the 4th quarter worth approximately $63,000. Marshall Wace LLP acquired a new position in Surf Air Mobility in the fourth quarter worth $375,000. Finally, Jane Street Group LLC bought a new position in Surf Air Mobility in the fourth quarter worth about $99,000. 17.68% of the stock is owned by institutional investors and hedge funds.

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.

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