Surf Air Mobility (NYSE:SRFM) Share Price Crosses Above Fifty Day Moving Average - Time to Sell?

Key Points

• Surf Air Mobility shares briefly moved above their 50-day moving average, reaching $0.80 before last trading near $0.791, while remaining well below the 200-day average of $1.24.
• Analyst sentiment is mixed but leans cautious: the consensus rating is “Hold”, with a $2.92 average price target; recent actions included a price-target cut to $1.00 and new or reiterated sell ratings.
• The company reported a quarterly loss of $0.29 per share, missing estimates by $0.11, on $29.51 million in revenue. Hedge funds and institutional investors own 17.68% of the stock.

Shares of Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $0.79 and traded as high as $0.80. Surf Air Mobility shares last traded at $0.7910, with a volume of 877,458 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on SRFM shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of Surf Air Mobility in a report on Thursday, October 22nd. Canaccord Genuity Group dropped their target price on shares of Surf Air Mobility from $1.50 to $1.00 and set a "hold" rating on the stock in a research report on Monday, August 17th. HC Wainwright reaffirmed a "buy" rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Surf Air Mobility from a "hold" rating to a "sell" rating in a report on Monday, August 17th. Three 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. According to MarketBeat.com, Surf Air Mobility has an average rating of "Hold" and an average price target of $2.92.

Surf Air Mobility Price Performance

The company has a market capitalization of $97.80 million, a PE ratio of -0.49 and a beta of 2.51. The stock has a 50-day simple moving average of $0.79 and a 200 day simple moving average of $1.24.

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

Institutional Investors Weigh In On Surf Air Mobility

Hedge funds and other institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP raised its position in shares of Surf Air Mobility by 147.4% in the second quarter. Engineers Gate Manager LP now owns 96,389 shares of the company's stock valued at $112,000 after buying an additional 57,423 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Surf Air Mobility during the second quarter worth approximately $53,000. Parrish Capital LLC acquired a new stake in Surf Air Mobility during the second quarter worth approximately $27,000. Bank of New York Mellon Corp acquired a new stake in Surf Air Mobility during the first quarter worth approximately $26,000. Finally, J. Derek Lewis & Associates Inc. boosted its position in Surf Air Mobility by 84.3% during the first quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company's stock worth $337,000 after acquiring an additional 134,000 shares during the last quarter. 17.68% of the stock is currently owned by hedge funds and other 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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