Surf Air Mobility (NYSE:SRFM) Price Target Raised to $3.75 at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group raised the price target for Surf Air Mobility from $3.00 to $3.75, maintaining a "hold" rating, indicating a potential downside of 15.92% from its current price.
• Piper Sandler also increased their price objective for the stock to $4.00 and assigned it an "overweight" rating, reflecting a more optimistic outlook.
• Surf Air Mobility reported quarterly earnings that exceeded expectations with a revenue of $27.43 million, surpassing the consensus estimate of $25.90 million.

Surf Air Mobility (NYSE:SRFM - Get Free Report) had its price objective boosted by analysts at Canaccord Genuity Group from $3.00 to $3.75 in a research note issued on Monday,Benzinga reports. The firm currently has a "hold" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential downside of 15.92% from the stock's current price.

Separately, Piper Sandler boosted their price objective on shares of Surf Air Mobility from $3.00 to $4.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th.

Surf Air Mobility Stock Performance

Shares of SRFM stock opened at $4.46 on Monday. The firm has a market cap of $85.99 million, a price-to-earnings ratio of -1.60 and a beta of 2.92. Surf Air Mobility has a 52 week low of $0.90 and a 52 week high of $9.91. The firm's 50-day simple moving average is $4.22 and its two-hundred day simple moving average is $3.52.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.93) EPS for the quarter, topping the consensus estimate of ($1.09) by $0.16. The company had revenue of $27.43 million during the quarter, compared to the consensus estimate of $25.90 million.

Insider Buying and Selling

In other Surf Air Mobility news, Director Tyler Painter sold 22,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $5.00, for a total value of $110,000.00. Following the completion of the transaction, the director owned 182 shares of the company's stock, valued at $910. The trade was a 99.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sudhin Shahani sold 75,840 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $2.43, for a total transaction of $184,291.20. Following the completion of the transaction, the director directly owned 549,578 shares of the company's stock, valued at approximately $1,335,474.54. This represents a 12.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 126,472 shares of company stock valued at $393,344. Corporate insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On Surf Air Mobility

A number of institutional investors have recently made changes to their positions in the business. XTX Topco Ltd raised its holdings in shares of Surf Air Mobility by 44.6% during the first quarter. XTX Topco Ltd now owns 16,906 shares of the company's stock valued at $45,000 after acquiring an additional 5,214 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Surf Air Mobility by 1,235.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 19,009 shares of the company's stock valued at $70,000 after purchasing an additional 17,586 shares during the period. Jane Street Group LLC bought a new position in Surf Air Mobility in the 4th quarter worth $99,000. DNB Asset Management AS bought a new position in Surf Air Mobility in the 2nd quarter worth $287,000. Finally, Marshall Wace LLP bought a new position in Surf Air Mobility in the 4th quarter worth $375,000. Hedge funds and other institutional investors own 17.68% of the company's stock.

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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