Surf Air Mobility (NYSE:SRFM) Now Covered by Northland Securities

Key Points

• Northland Securities initiated coverage with an "outperform" rating and a $5.00 price target, implying roughly a 263.64% upside from current levels.
• The analyst consensus remains a "Hold" with a $3.50 average price target; ratings are mixed (three Buys, one Hold, one Sell).
• CFO Oliver Reeves and CEO Deanna Leigh White recently sold shares to cover tax withholding on vested awards; insiders own about 8% of the company and the stock last traded near $1.38 (market cap ≈ $137M).

Investment analysts at Northland Securities started coverage on shares of Surf Air Mobility (NYSE:SRFM - Get Free Report) in a report issued on Thursday,Benzinga reports. The firm set an "outperform" rating and a $5.00 price target on the stock. Northland Securities' price target would suggest a potential upside of 263.64% from the company's current price.

Several other analysts have also recently commented on SRFM. Canaccord Genuity Group decreased their price target on shares of 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Surf Air Mobility in a report on Monday, April 20th. Finally, Alliance Global Partners began coverage on Surf Air Mobility in a research report on Friday, May 1st. They issued a "buy" rating and a $2.75 target price on the stock. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $3.50.

Surf Air Mobility Stock Performance

Shares of NYSE:SRFM opened at $1.38 on Thursday. The firm has a market cap of $136.81 million, a price-to-earnings ratio of -0.40 and a beta of 2.72. The firm has a fifty day moving average price of $1.41 and a 200 day moving average price of $2.17. Surf Air Mobility has a fifty-two week low of $1.01 and a fifty-two week high of $9.91.

Insiders Place Their Bets

In related news, CFO Oliver Reeves sold 28,874 shares of Surf Air Mobility stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $1.31, for a total transaction of $37,824.94. Following the completion of the transaction, the chief financial officer directly owned 289,564 shares of the company's stock, valued at approximately $379,328.84. The trade was a 9.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 company's stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $1.31, for a total transaction of $36,313.20. Following the transaction, the chief executive officer owned 675,530 shares in the company, valued at $884,944.30. The trade was a 3.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 8.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SRFM. J. Derek Lewis & Associates Inc. purchased a new stake in Surf Air Mobility in the fourth quarter worth $308,000. Aristides Capital LLC purchased a new stake in shares of Surf Air Mobility during the fourth quarter valued at $195,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Surf Air Mobility during the fourth quarter valued at $45,000. Rathbones Group PLC grew its holdings in shares of Surf Air Mobility by 93.3% in the fourth quarter. Rathbones Group PLC now owns 322,326 shares of the company's stock worth $625,000 after purchasing an additional 155,567 shares during the last quarter. Finally, DNB Asset Management AS increased its stake in Surf Air Mobility by 139.5% in the 4th quarter. DNB Asset Management AS now owns 44,251 shares of the company's stock worth $86,000 after buying an additional 25,775 shares during the period. Hedge funds and other institutional investors own 17.68% of the company's stock.

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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