Oliver Reeves Sells 28,874 Shares of Surf Air Mobility (NYSE:SRFM) Stock

Key Points

• Oliver Reeves, Surf Air Mobility's CFO, sold 28,874 shares on April 16 at an average price of $1.31 for about $37,825 to cover tax withholding from vested awards, trimming his stake by 9.07% to 289,564 shares (≈$379,329).
• SRFM traded at $1.37 on Friday with volume of ~3.62M (vs. avg. 1.94M); the stock's 52‑week range is $1.04–$9.91 and its 50‑day/200‑day moving averages are $1.62 and $2.52, respectively.
• Analysts are mixed—Canaccord cut its target to $2.25 and the MarketBeat consensus is a Hold with a $3.13 target—while institutional ownership is about 17.7% after several small recent buys by major firms.

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) CFO Oliver Reeves sold 28,874 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $1.31, for a total value of $37,824.94. Following the transaction, the chief financial officer directly owned 289,564 shares of the company's stock, valued at approximately $379,328.84. The trade was a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Surf Air Mobility Stock Performance

NYSE:SRFM traded up $0.12 during trading hours on Friday, reaching $1.37. The stock had a trading volume of 3,619,932 shares, compared to its average volume of 1,940,224. Surf Air Mobility Inc. has a 52 week low of $1.04 and a 52 week high of $9.91. The company has a 50 day moving average price of $1.62 and a two-hundred day moving average price of $2.52.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group decreased their price target on shares of Surf Air Mobility from $3.50 to $2.25 and set a "hold" rating on the stock in a research note on Monday, March 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Surf Air Mobility in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $3.13.

Institutional Trading of Surf Air Mobility

A number of institutional investors have recently bought and sold shares of SRFM. JPMorgan Chase & Co. raised its stake in shares of Surf Air Mobility by 18,757.1% in the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company's stock valued at $28,000 after acquiring an additional 6,565 shares during the period. Bank of America Corp DE boosted its stake in shares of 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 worth $44,000 after purchasing an additional 10,021 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Surf Air Mobility during the 4th quarter valued at about $45,000. J.W. Cole Advisors Inc. purchased a new stake in Surf Air Mobility in the 3rd quarter worth about $47,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Surf Air Mobility in the 3rd quarter worth about $47,000. 17.68% of the stock is currently owned by institutional investors.

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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