Surf Air Mobility (NYSE:SRFM) Shares Down 3.4% - Here's Why

Key Points

• Surf Air Mobility shares fell 3.4% to $0.8460, with trading volume down 72% from its average. The company’s market capitalization is approximately $104.6 million.
• Analyst sentiment remains mixed but leans toward caution: Canaccord cut its price target to $1.00, while other firms issued downgrades; the overall consensus is “Hold” with a $2.92 target price.
• The company reported a quarterly loss of $0.29 per share, missing estimates by $0.11, on revenue of $29.51 million. Analysts expect a full-year loss of $0.68 per share.

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report)'s stock price fell 3.4% on Wednesday. The company traded as low as $0.8351 and last traded at $0.8460. Approximately 1,902,229 shares were traded during trading, a decline of 72% from the average daily volume of 6,916,089 shares. The stock had previously closed at $0.8762.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Surf Air Mobility from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, July 24th. Canaccord Genuity Group cut 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 report on Monday, August 17th. Wall Street Zen downgraded Surf Air Mobility from a "hold" rating to a "sell" rating in a research note on Monday, August 17th. Finally, HC Wainwright restated a "buy" rating on shares of Surf Air Mobility in a research note on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $2.92.

Surf Air Mobility Stock Down 3.4%

The company has a market capitalization of $104.60 million, a P/E ratio of -0.53 and a beta of 2.51. The business has a 50 day simple moving average of $0.78 and a 200-day simple moving average of $0.96.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.29) earnings per share (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. Equities analysts forecast that Surf Air Mobility Inc. will post -0.68 EPS for the current fiscal year.

Institutional Trading of Surf Air Mobility

Hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP grew its position in Surf Air Mobility by 147.4% in the 2nd quarter. Engineers Gate Manager LP now owns 96,389 shares of the company's stock worth $112,000 after purchasing an additional 57,423 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Surf Air Mobility in the second quarter valued at approximately $53,000. Parrish Capital LLC acquired a new stake in shares of Surf Air Mobility in the second quarter valued at approximately $27,000. Bank of New York Mellon Corp acquired a new stake in shares of Surf Air Mobility in the first quarter valued at approximately $26,000. Finally, J. Derek Lewis & Associates Inc. raised its holdings in shares of 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 valued at $337,000 after buying an additional 134,000 shares during the last quarter. 17.68% of the stock is currently 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.

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