Short Interest in Surf Air Mobility Inc. (NYSE:SRFM) Expands By 24.8%

Key Points

• Short interest rose 24.8% in March to 10,579,536 shares, representing about 14.9% of the stock and a short-interest ratio of 3.9 days.
• Analysts are mixed with a MarketBeat consensus of Hold and an average price target of $3.13, after recent cuts such as Canaccord lowering its target to $2.25 (ratings: 1 Buy, 1 Hold, 1 Sell).
• The stock traded at $1.06 midday with a market cap of $81.2M, a negative P/E of -0.30, a 12-month range of $1.04–$9.91, and is trading below its 50‑ and 200‑day moving averages ($1.91 and $2.81).

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) saw a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 10,579,536 shares, an increase of 24.8% from the February 26th total of 8,477,928 shares. Based on an average daily trading volume, of 2,689,707 shares, the short-interest ratio is presently 3.9 days. Approximately 14.9% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Surf Air Mobility in a report on Wednesday, January 21st. Canaccord Genuity Group lowered their price target on 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. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $3.13.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Rathbones Group PLC lifted its position in Surf Air Mobility by 3.1% during the third quarter. Rathbones Group PLC now owns 166,759 shares of the company's stock worth $715,000 after buying an additional 5,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Surf Air Mobility by 18,757.1% during the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company's stock worth $28,000 after buying an additional 6,565 shares during the last quarter. Bank of America Corp DE grew its holdings in Surf Air Mobility by 7,157.9% in the 3rd quarter. Bank of America Corp DE now owns 10,161 shares of the company's stock valued at $44,000 after buying an additional 10,021 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in Surf Air Mobility in the 3rd quarter valued at $47,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Surf Air Mobility in the 3rd quarter worth $47,000. 17.68% of the stock is owned by hedge funds and other institutional investors.

Surf Air Mobility Stock Performance

Shares of NYSE:SRFM traded down $0.05 during midday trading on Monday, hitting $1.06. The company's stock had a trading volume of 1,662,391 shares, compared to its average volume of 3,252,694. The company has a market cap of $81.22 million, a P/E ratio of -0.30 and a beta of 3.00. Surf Air Mobility has a 12-month low of $1.04 and a 12-month high of $9.91. The business's 50 day simple moving average is $1.91 and its 200 day simple moving average is $2.81.

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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