Surf Air Mobility (NYSE:SRFM) Stock Jumps 6.8% - Should You Buy?

Key Points

• Surf Air Mobility shares rose 6.8% to $1.185, with trading volume about 42% above average.
• Analyst sentiment is mixed: the stock has an overall “Hold” consensus, with three Buy ratings, one Hold and one Sell; Canaccord also cut its price target to $1.00.
• The company reported a quarterly loss of $0.29 per share, missing estimates by $0.11, while analysts expect a full-year loss of $0.68 per share.

Shares of Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) rose 6.8% during trading on Monday. The stock traded as high as $1.20 and last traded at $1.1850. Approximately 9,833,545 shares changed hands during trading, an increase of 42% from the average session volume of 6,904,413 shares. The stock had previously closed at $1.11.

Wall Street Analyst Weigh In

Several research firms have weighed in on SRFM. HC Wainwright reiterated a "buy" rating on shares of Surf Air Mobility in a research note on Tuesday, August 11th. 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. Wall Street Zen cut shares of Surf Air Mobility from a "hold" rating to a "sell" rating in a report on Monday, August 17th. Finally, Canaccord Genuity Group lowered their price target 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. Three research 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 data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2.92.

Surf Air Mobility Stock Performance

The company has a 50 day moving average of $0.73 and a 200 day moving average of $1.01. The firm has a market cap of $146.51 million, a P/E ratio of -0.74 and a beta of 2.81.

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

Hedge Funds Weigh In On Surf Air Mobility

Institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP increased its holdings in shares of Surf Air Mobility by 147.4% during the 2nd quarter. Engineers Gate Manager LP now owns 96,389 shares of the company's stock valued at $112,000 after acquiring an additional 57,423 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Surf Air Mobility in the 2nd quarter worth approximately $53,000. Parrish Capital LLC acquired a new stake in Surf Air Mobility in the 2nd quarter worth approximately $27,000. 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 purchasing an additional 134,000 shares during the period. Finally, Balefire LLC bought a new stake in Surf Air Mobility during the first quarter worth approximately $376,000. 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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