Surf Air Mobility Inc. (NYSE:SRFM) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Surf Air Mobility has a consensus “Hold” rating among five analysts: three recommend buying, one recommends holding, and one recommends selling. The average 12-month price target is $3.08.
• Institutional investors have increased exposure, with hedge funds and other institutions owning 17.68% of the company. Several major firms recently initiated or expanded small positions.
• SRFM shares fell 7.2% to $0.79, near the lower end of their 52-week range of $0.67 to $6.17. The company has a market capitalization of about $83.8 million and a high beta of 2.83.

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) has received a consensus recommendation of "Hold" from the five ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $3.0833.

A number of brokerages have commented on SRFM. Wall Street Zen raised Surf Air Mobility from a "sell" rating to a "hold" rating in a research note on Sunday. Northland Securities started coverage on Surf Air Mobility in a research note on Thursday, May 7th. They set an "outperform" rating and a $5.00 price objective for the company. Canaccord Genuity Group set a $1.50 target price on shares of Surf Air Mobility in a report on Wednesday, May 13th. Alliance Global Partners started coverage on shares of Surf Air Mobility in a research note on Friday, May 1st. They issued a "buy" rating and a $2.75 target price on the stock. Finally, Weiss Ratings downgraded shares of Surf Air Mobility from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, July 24th.

Hedge Funds Weigh In On Surf Air Mobility

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in shares of Surf Air Mobility during the first quarter worth about $26,000. JPMorgan Chase & Co. raised its position in Surf Air Mobility by 18,757.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company's stock valued at $28,000 after purchasing an additional 6,565 shares during the last quarter. Bank of America Corp DE raised its position in 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 valued at $44,000 after purchasing an additional 10,021 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in Surf Air Mobility in the 4th quarter worth approximately $45,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Surf Air Mobility in the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors own 17.68% of the company's stock.

Surf Air Mobility Stock Down 7.2%

Shares of SRFM traded down $0.06 during trading hours on Tuesday, hitting $0.79. The company had a trading volume of 726,687 shares, compared to its average volume of 4,664,747. Surf Air Mobility has a 52-week low of $0.67 and a 52-week high of $6.17. The stock's 50 day moving average price is $0.94 and its 200 day moving average price is $1.34. The firm has a market cap of $83.82 million, a P/E ratio of -0.30 and a beta of 2.83.

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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