Insider Selling: Surf Air Mobility (NYSE:SRFM) CFO Sells 76,569 Shares of Stock

Key Points

• Surf Air Mobility CFO Oliver Reeves sold 76,569 shares on May 8 at an average price of $1.31, totaling about $100,305. The sale reduced his stake by roughly 14% and was made to cover tax withholding tied to vesting equity awards.
• SRFM shares fell 5.3% in Friday trading to $1.35, near the stock’s 12-month low of $1.01 and well below its 200-day moving average of $2.15.
• Analyst sentiment is mixed but leans cautious, with the consensus rating at Hold and an average price target of $3.50. Recent firms have issued both bullish calls and downgrades, including new Buy and Outperform ratings alongside a Hold and Sell-related downgrade.

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) CFO Oliver Reeves sold 76,569 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1.31, for a total value of $100,305.39. Following the completion of the transaction, the chief financial officer owned 470,816 shares in the company, valued at approximately $616,768.96. This represents a 13.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Oliver Reeves also recently made the following trade(s):

• On Thursday, April 16th, Oliver Reeves sold 28,874 shares of Surf Air Mobility stock. The shares were sold at an average price of $1.31, for a total value of $37,824.94.

Surf Air Mobility Trading Down 5.3%

Shares of NYSE SRFM traded down $0.08 during mid-day trading on Friday, reaching $1.35. 3,674,268 shares of the company's stock were exchanged, compared to its average volume of 5,982,958. The business has a fifty day simple moving average of $1.40 and a 200 day simple moving average of $2.15. Surf Air Mobility Inc. has a twelve month low of $1.01 and a twelve month high of $9.91. The firm has a market capitalization of $133.83 million, a price-to-earnings ratio of -0.39 and a beta of 2.72.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SRFM. Alliance Global Partners started coverage on Surf Air Mobility in a report on Friday, May 1st. They set a "buy" rating and a $2.75 price target for the company. Northland Securities assumed coverage on Surf Air Mobility in a report on Thursday. They issued an "outperform" rating and a $5.00 target price on the stock. Weiss Ratings downgraded Surf Air Mobility from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday. Finally, Canaccord Genuity Group reduced their price target on Surf Air Mobility from $3.50 to $2.25 and set a "hold" rating for the company in a research report on Monday, March 16th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $3.50.

Hedge Funds Weigh In On Surf Air Mobility

A number of institutional investors have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC purchased a new position in shares of Surf Air Mobility during the fourth quarter valued at about $127,000. Engineers Gate Manager LP raised its stake in shares of Surf Air Mobility by 216.4% during the fourth quarter. Engineers Gate Manager LP now owns 50,720 shares of the company's stock valued at $98,000 after acquiring an additional 34,692 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Surf Air Mobility by 198.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 38,302 shares of the company's stock valued at $74,000 after buying an additional 25,448 shares during the period. Osaic Holdings Inc. increased its holdings in Surf Air Mobility by 669.8% during the second quarter. Osaic Holdings Inc. now owns 17,244 shares of the company's stock valued at $64,000 after buying an additional 15,004 shares during the period. Finally, Private Advisor Group LLC purchased a new position in Surf Air Mobility in the third quarter worth $48,000. 17.68% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.