Surf Air Mobility (NYSE:SRFM) Shares Down 3.4% - Here's What Happened

Key Points

• Surf Air Mobility Inc. shares fell by 3.4% to close at $4.72, with trading volume down by 19% compared to the average.
• Analyst ratings for the stock varied, with Canaccord Genuity lowering its rating to "hold" and Piper Sandler increasing its price target to $4.00.
• Surf Air Mobility reported an EPS of ($0.93), beating estimates, alongside a revenue of $27.43 million, exceeding analyst expectations.

Shares of Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) fell 3.4% on Thursday . The stock traded as low as $4.42 and last traded at $4.72. 3,635,219 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 4,484,581 shares. The stock had previously closed at $4.88.

Analyst Ratings Changes

Several research firms recently weighed in on SRFM. Canaccord Genuity Group cut shares of Surf Air Mobility from a "strong-buy" rating to a "hold" rating and dropped their price objective for the stock from $3.25 to $3.00 in a research report on Friday, June 27th. Piper Sandler boosted their price objective on shares of Surf Air Mobility from $3.00 to $4.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th.

Surf Air Mobility Trading Down 3.4%

The business's fifty day simple moving average is $4.17 and its 200 day simple moving average is $3.53. The stock has a market cap of $90.91 million, a price-to-earnings ratio of -1.70 and a beta of 2.92.

Surf Air Mobility (NYSE:SRFM - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.93) EPS for the quarter, topping analysts' consensus estimates of ($1.09) by $0.16. The business had revenue of $27.43 million for the quarter, compared to analyst estimates of $25.90 million.

Insiders Place Their Bets

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

Institutional Trading of Surf Air Mobility

A number of large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Surf Air Mobility by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 93,210 shares of the company's stock valued at $503,000 after buying an additional 4,215 shares in the last quarter. XTX Topco Ltd increased its position in shares of Surf Air Mobility by 44.6% in the 1st quarter. XTX Topco Ltd now owns 16,906 shares of the company's stock valued at $45,000 after buying an additional 5,214 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Surf Air Mobility in the 4th quarter valued at $99,000. Marshall Wace LLP bought a new stake in shares of Surf Air Mobility in the 4th quarter valued at $375,000. Finally, DNB Asset Management AS bought a new stake in shares of Surf Air Mobility in the 2nd quarter valued at $287,000. 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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