ARK Investment Management LLC Raises Stock Position in Blade Air Mobility, Inc. (NASDAQ:BLDE)

Key Points

• ARK Investment Management LLC increased its holdings in Blade Air Mobility, owning approximately 10.21% of the company after purchasing an additional 89,545 shares during the first quarter, bringing its total to 8,140,644 shares valued at $22,224,000.
• Blade Air Mobility reported a revenue of $54.31 million for the last quarter, exceeding analysts' expectations of $49.30 million, and posted an earnings per share (EPS) of ($0.04), beating the consensus estimate of ($0.11).
• Insiders at Blade Air Mobility have recently sold significant amounts of stock, with both the CFO and General Counsel selling 100,000 shares each, indicating a decrease in their ownership by approximately 7%.

ARK Investment Management LLC increased its stake in Blade Air Mobility, Inc. (NASDAQ:BLDE - Free Report) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,140,644 shares of the company's stock after buying an additional 89,545 shares during the period. ARK Investment Management LLC owned 10.21% of Blade Air Mobility worth $22,224,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG raised its stake in Blade Air Mobility by 57.1% in the fourth quarter. Deutsche Bank AG now owns 37,776 shares of the company's stock worth $161,000 after buying an additional 13,724 shares in the last quarter. Bank of America Corp DE raised its stake in Blade Air Mobility by 39.5% in the fourth quarter. Bank of America Corp DE now owns 55,974 shares of the company's stock worth $238,000 after buying an additional 15,857 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Blade Air Mobility in the fourth quarter worth about $62,000. Raymond James Financial Inc. bought a new position in Blade Air Mobility in the fourth quarter worth about $833,000. Finally, BNP Paribas Financial Markets bought a new position in Blade Air Mobility in the fourth quarter worth about $34,000. 47.36% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, General Counsel Melissa M. Tomkiel sold 100,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $4.08, for a total transaction of $408,000.00. Following the sale, the general counsel owned 1,151,204 shares in the company, valued at $4,696,912.32. This represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William A. Heyburn sold 100,000 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $4.07, for a total transaction of $407,000.00. Following the sale, the chief financial officer owned 1,360,002 shares in the company, valued at approximately $5,535,208.14. The trade was a 6.85% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by company insiders.

Blade Air Mobility Stock Up 0.4%

Shares of NASDAQ BLDE traded up $0.02 on Wednesday, reaching $3.96. 222,175 shares of the company's stock traded hands, compared to its average volume of 706,689. Blade Air Mobility, Inc. has a 12 month low of $2.35 and a 12 month high of $5.17. The business's 50 day simple moving average is $3.97 and its two-hundred day simple moving average is $3.49. The company has a market cap of $320.43 million, a price-to-earnings ratio of -11.63 and a beta of 1.68.

Blade Air Mobility (NASDAQ:BLDE - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.07. Blade Air Mobility had a negative net margin of 10.56% and a negative return on equity of 8.80%. The business had revenue of $54.31 million during the quarter, compared to the consensus estimate of $49.30 million. Analysts forecast that Blade Air Mobility, Inc. will post -0.35 earnings per share for the current fiscal year.

About Blade Air Mobility

Blade Air Mobility, Inc provides air transportation alternatives to the congested ground routes in the United States. It provides its services through charter and by-the-seat flights using helicopters, jets, turboprops, and amphibious seaplanes. The company was founded in 2014 and is headquartered in New York, New York.