Surf Air Mobility (NYSE:SRFM) Now Covered by Alliance Global Partners

Key Points

• Alliance Global Partners initiated coverage on Surf Air Mobility (SRFM) with a "buy" rating and a $2.75 price target, implying roughly 151% upside from the prior close.
• Analyst sentiment is mixed — two Buys, one Hold and one Sell — giving SRFM a consensus Hold rating and an average price target of $3.00.
• Insider sales: CFO Oliver Reeves and CEO Deanna Leigh White each sold roughly 28k shares to cover tax withholding on vested awards, reducing their stakes; insiders own about 8% of the company.

Alliance Global Partners started coverage on shares of Surf Air Mobility (NYSE:SRFM - Get Free Report) in a report issued on Friday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $2.75 price target on the stock. Alliance Global Partners' price objective would suggest a potential upside of 151.14% from the stock's previous close.

A number of other research analysts also recently issued reports on SRFM. Weiss Ratings restated a "sell (d-)" rating on shares of Surf Air Mobility in a research report on Monday, April 20th. Canaccord Genuity Group dropped their price target on shares of Surf Air Mobility from $3.50 to $2.25 and set a "hold" rating for the company in a research note on Monday, March 16th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $3.00.

Surf Air Mobility Stock Up 6.3%

Surf Air Mobility stock opened at $1.10 on Friday. The business's 50-day simple moving average is $1.44 and its 200 day simple moving average is $2.27. The stock has a market cap of $92.33 million, a price-to-earnings ratio of -0.31 and a beta of 3.34. Surf Air Mobility has a 12-month low of $1.01 and a 12-month high of $9.91.

Insider Transactions at Surf Air Mobility

In other news, CFO Oliver Reeves sold 28,874 shares of the company's stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $1.31, for a total value of $37,824.94. Following the completion of the sale, the chief financial officer directly owned 289,564 shares of the company's stock, valued at $379,328.84. This represents a 9.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Deanna Leigh White sold 27,720 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $1.31, for a total transaction of $36,313.20. Following the completion of the sale, the chief executive officer owned 675,530 shares in the company, valued at $884,944.30. This represents a 3.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 8.00% of the company's stock.

Hedge Funds Weigh In On Surf Air Mobility

A number of hedge funds and other institutional investors have recently made changes to their positions in SRFM. Geode Capital Management LLC grew its holdings in shares of Surf Air Mobility by 14.6% in the 2nd quarter. Geode Capital Management LLC now owns 127,602 shares of the company's stock valued at $471,000 after buying an additional 16,273 shares during the period. HRT Financial LP acquired a new stake in Surf Air Mobility during the 2nd quarter worth $2,212,000. Tower Research Capital LLC TRC lifted its holdings in Surf Air Mobility by 1,235.8% during the second quarter. Tower Research Capital LLC TRC now owns 19,009 shares of the company's stock worth $70,000 after acquiring an additional 17,586 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in Surf Air Mobility by 669.8% during the second quarter. Osaic Holdings Inc. now owns 17,244 shares of the company's stock worth $64,000 after acquiring an additional 15,004 shares in the last quarter. Finally, Brave Asset Management Inc. grew its stake in Surf Air Mobility by 150.0% in the third quarter. Brave Asset Management Inc. now owns 25,000 shares of the company's stock valued at $107,000 after acquiring an additional 15,000 shares during the period. 17.68% of the stock is owned by 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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