Surf Air Mobility (NYSE:SRFM) Stock Rating Lowered by Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Surf Air Mobility (NYSE:SRFM - Free Report) from a strong-buy rating to a hold rating in a report released on Friday morning, Marketbeat reports. Canaccord Genuity Group currently has $3.00 price objective on the stock, down from their previous price objective of $3.25.

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

Surf Air Mobility Stock Up 11.6%

Shares of NYSE SRFM traded up $0.38 during midday trading on Friday, hitting $3.65. The stock had a trading volume of 11,701,243 shares, compared to its average volume of 2,384,249. The company has a fifty day moving average price of $2.48 and a 200 day moving average price of $3.36. The company has a market capitalization of $70.37 million, a price-to-earnings ratio of -0.97 and a beta of 2.36. Surf Air Mobility has a 1-year low of $0.90 and a 1-year high of $6.72.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.08) by ($0.23). The business had revenue of $23.51 million during the quarter, compared to analysts' expectations of $23.00 million.

Insider Transactions at Surf Air Mobility

In related news, Director Sudhin Shahani sold 75,840 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 549,578 shares of the company's stock, valued at $1,335,474.54. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Tyler Painter sold 22,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $5.00, for a total value of $110,000.00. Following the sale, the director directly owned 182 shares of the company's stock, valued at approximately $910. This represents a 99.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 126,472 shares of company stock worth $393,344 over the last 90 days. 8.00% of the stock is owned by insiders.

Institutional Trading of Surf Air Mobility

Several institutional investors and hedge funds have recently bought and sold shares of SRFM. XTX Topco Ltd boosted its holdings in Surf Air Mobility by 44.6% in the first quarter. XTX Topco Ltd now owns 16,906 shares of the company's stock worth $45,000 after purchasing an additional 5,214 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Surf Air Mobility in the fourth quarter valued at approximately $99,000. Marshall Wace LLP acquired a new position in Surf Air Mobility in the 4th quarter valued at $375,000. Finally, Geode Capital Management LLC raised its holdings 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 worth $503,000 after acquiring an additional 4,215 shares during the period. Institutional investors and hedge funds 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.