Surf Air Mobility (NYSE:SRFM) Stock Price Down 3.1% - Should You Sell?

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report)'s share price dropped 3.1% during mid-day trading on Wednesday . The company traded as low as $4.81 and last traded at $4.94. Approximately 2,890,120 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 2,268,046 shares. The stock had previously closed at $5.10.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SRFM shares. Piper Sandler lifted their price target on shares of Surf Air Mobility from $3.00 to $4.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Canaccord Genuity Group cut shares of Surf Air Mobility from a "strong-buy" rating to a "hold" rating and reduced their price target for the company from $3.25 to $3.00 in a research report on Friday, June 27th.

Surf Air Mobility Price Performance

The business's 50-day moving average price is $3.65 and its 200 day moving average price is $3.49. The firm has a market capitalization of $110.96 million, a price-to-earnings ratio of -1.53 and a beta of 2.89.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.08) by ($0.23). The company had revenue of $23.51 million for the quarter, compared to analysts' expectations of $23.00 million.

Insider Buying and Selling at Surf Air Mobility

In related news, Director Sudhin Shahani sold 75,840 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $2.43, for a total value of $184,291.20. Following the sale, the director directly owned 549,578 shares of the company's stock, valued at $1,335,474.54. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tyler Painter sold 22,000 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $5.00, for a total transaction of $110,000.00. Following the completion of the sale, the director directly owned 182 shares in the company, valued at $910. This represents a 99.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 126,472 shares of company stock worth $393,344 over the last ninety days. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Surf Air Mobility

Institutional investors have recently modified their holdings of the company. XTX Topco Ltd grew its position 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 worth $45,000 after acquiring an additional 5,214 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Surf Air Mobility during the fourth quarter worth about $99,000. Marshall Wace LLP bought a new position in shares of Surf Air Mobility during the fourth quarter worth about $375,000. Finally, Geode Capital Management LLC grew its position in shares of Surf Air Mobility by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 93,210 shares of the company's stock worth $503,000 after acquiring an additional 4,215 shares during the last quarter. 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.