Surf Air Mobility (NYSE:SRFM) Price Target Lowered to $1.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Surf Air Mobility’s price target from $1.50 to $1.00 while maintaining a “hold” rating, implying roughly 38.7% upside from the prior close.
• Analyst opinions remain mixed, with three “buy” ratings, one “hold” and one “sell”; the overall consensus is “hold” with a $2.92 price target.
• SRFM opened at $0.72 and remains near its 52-week low of $0.67, with a market capitalization of approximately $89 million. Institutional investors own 17.68% of the company.

Surf Air Mobility (NYSE:SRFM - Get Free Report) had its target price lowered by research analysts at Canaccord Genuity Group from $1.50 to $1.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 38.70% from the company's previous close.

SRFM has been the subject of several other reports. HC Wainwright restated a "buy" rating on shares of Surf Air Mobility in a report on Tuesday, August 11th. Alliance Global Partners assumed coverage on Surf Air Mobility in a report on Friday, May 1st. They set a "buy" rating and a $2.75 price target on the stock. Weiss Ratings lowered shares of Surf Air Mobility from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, July 24th. Northland Securities assumed coverage on shares of Surf Air Mobility in a research note on Thursday, May 7th. They issued an "outperform" rating and a $5.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Surf Air Mobility from a "hold" rating to a "sell" rating in a report on Monday. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $2.92.

Surf Air Mobility Stock Performance

NYSE:SRFM opened at $0.72 on Monday. The stock's 50 day moving average price is $0.91 and its 200 day moving average price is $1.30. Surf Air Mobility has a 52 week low of $0.67 and a 52 week high of $6.17. The company has a market capitalization of $89.15 million, a P/E ratio of -0.45 and a beta of 2.83.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Surf Air Mobility by 233.2% in the third quarter. Vanguard Group Inc. now owns 1,886,429 shares of the company's stock valued at $8,093,000 after acquiring an additional 1,320,353 shares during the period. Raymond James Financial Inc. raised its position in shares of Surf Air Mobility by 81,240.1% during the third quarter. Raymond James Financial Inc. now owns 952,492 shares of the company's stock valued at $4,086,000 after buying an additional 951,321 shares during the last quarter. HRT Financial LP acquired a new position in shares of Surf Air Mobility during the second quarter valued at about $2,212,000. Geode Capital Management LLC lifted its stake in shares of Surf Air Mobility by 103.6% in the fourth quarter. Geode Capital Management LLC now owns 552,374 shares of the company's stock valued at $1,072,000 after buying an additional 281,045 shares during the period. Finally, Millennium Management LLC increased its stake in Surf Air Mobility by 3,450.8% during the third quarter. Millennium Management LLC now owns 488,272 shares of the company's stock valued at $2,095,000 after acquiring an additional 474,521 shares during the period. 17.68% of the stock is 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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