Surf Air Mobility (NYSE:SRFM) Stock Price Up 4.7% - What's Next?

Key Points

• Surf Air Mobility shares rose 4.7% on Tuesday, trading as high as $0.8038 before closing at $0.7650. Volume was well below normal at 1.76 million shares, versus an average of 12.65 million.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $3.08. Recent coverage ranged from Buy and Outperform calls to Sell/Hold ratings.
• Insiders recently sold shares: CEO Deanna Leigh White and CFO Oliver Reeves each sold stock in May, with both transactions tied to tax withholding obligations from vested equity awards. Institutional ownership stands at 17.68% of the company.

Surf Air Mobility Inc. (NYSE:SRFM - Get Free Report) traded up 4.7% during trading on Tuesday . The stock traded as high as $0.8038 and last traded at $0.7650. 1,758,824 shares traded hands during trading, a decline of 86% from the average session volume of 12,648,590 shares. The stock had previously closed at $0.7310.

Wall Street Analyst Weigh In

SRFM has been the subject of a number of research analyst reports. Canaccord Genuity Group set a $1.50 price target on shares of Surf Air Mobility in a report on Wednesday, May 13th. Wall Street Zen raised shares of Surf Air Mobility from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings raised shares of Surf Air Mobility from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 9th. Northland Securities began coverage on shares of Surf Air Mobility in a research report on Thursday, May 7th. They set an "outperform" rating and a $5.00 target price on the stock. Finally, Alliance Global Partners assumed coverage on shares of Surf Air Mobility in a report on Friday, May 1st. They issued a "buy" rating and a $2.75 target price for the company. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $3.08.

Surf Air Mobility Stock Up 4.7%

The firm has a fifty day moving average of $1.06 and a 200-day moving average of $1.54. The stock has a market capitalization of $81.27 million, a price-to-earnings ratio of -0.29 and a beta of 2.74.

Insiders Place Their Bets

In related news, CEO Deanna Leigh White sold 56,884 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1.31, for a total value of $74,518.04. Following the sale, the chief executive officer directly owned 899,130 shares in the company, valued at $1,177,860.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Oliver Reeves sold 76,569 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $100,305.39. Following the completion of the sale, the chief financial officer directly owned 470,816 shares in the company, valued at approximately $616,768.96. The trade was a 13.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 4.19% of the company's stock.

Institutional Trading of Surf Air Mobility

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SRFM. Bank of New York Mellon Corp acquired a new position in shares of Surf Air Mobility during the 1st quarter valued at about $26,000. JPMorgan Chase & Co. lifted its holdings in shares of Surf Air Mobility by 18,757.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company's stock worth $28,000 after acquiring an additional 6,565 shares during the period. Bank of America Corp DE boosted its position in shares of Surf Air Mobility by 7,157.9% in the third quarter. Bank of America Corp DE now owns 10,161 shares of the company's stock worth $44,000 after acquiring an additional 10,021 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Surf Air Mobility in the fourth quarter worth approximately $45,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Surf Air Mobility in the third quarter worth approximately $47,000. 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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