Surf Air Mobility Inc. (NYSE:SRFM) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Analysts have a consensus “Hold” rating on Surf Air Mobility, with three buys, one hold, and one sell among five covering firms. The average 12-month price target is $2.92, though some analysts recently lowered targets and ratings.
• SRFM shares opened at $0.66, near their 52-week low of $0.63 and far below the $6.17 high. The stock has a market capitalization of about $82 million, with 50-day and 200-day moving averages of $0.79 and $1.16, respectively.
• The company reported a quarterly loss of $0.29 per share, missing the $0.18 consensus estimate, while revenue totaled $29.51 million. Hedge funds and other institutions own 17.68% of the stock.

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) has been assigned an average recommendation of "Hold" from the five ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $2.9167.

A number of equities analysts recently issued reports on SRFM shares. HC Wainwright reissued a "buy" rating on shares of Surf Air Mobility in a research note on Tuesday, August 11th. Canaccord Genuity Group reduced their target price on Surf Air Mobility from $1.50 to $1.00 and set a "hold" rating on the stock in a report on Monday, August 17th. Wall Street Zen cut Surf Air Mobility from a "hold" rating to a "sell" rating in a research note on Monday, August 17th. Finally, Weiss Ratings cut Surf Air Mobility from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, July 24th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SRFM. Bank of New York Mellon Corp purchased a new stake in Surf Air Mobility in the first quarter worth about $26,000. Parrish Capital LLC bought a new stake in shares of Surf Air Mobility in the 2nd quarter worth approximately $27,000. JPMorgan Chase & Co. grew its stake in shares of Surf Air Mobility by 18,757.1% in 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 position in Surf Air Mobility by 7,157.9% during the 3rd quarter. Bank of America Corp DE now owns 10,161 shares of the company's stock valued at $44,000 after buying an additional 10,021 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new position in Surf Air Mobility during the 4th quarter valued at approximately $45,000. 17.68% of the stock is owned by hedge funds and other institutional investors.

Surf Air Mobility Stock Performance

Shares of SRFM stock opened at $0.66 on Friday. Surf Air Mobility has a fifty-two week low of $0.63 and a fifty-two week high of $6.17. The firm has a market cap of $82.12 million, a P/E ratio of -0.42 and a beta of 2.81. The business's 50 day moving average price is $0.79 and its 200-day moving average price is $1.16.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.11). The company had revenue of $29.51 million during the quarter. As a group, equities analysts predict that Surf Air Mobility will post -0.68 EPS for the current year.

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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