Surf Air Mobility (NYSE:SRFM) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Wall Street Zen upgraded Surf Air Mobility from “Sell” to “Hold,” bringing the average analyst rating to “Hold” with a consensus price target of $3.08.
• SRFM shares opened at $0.86, up 6.3%, but remain well below their 52-week high of $6.17; the company has a market capitalization of approximately $91.25 million.
• Institutional ownership stands at 17.68%, with JPMorgan, Bank of America and Osaic Holdings among investors that recently increased their positions or initiated stakes.

Surf Air Mobility (NYSE:SRFM - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Sunday.

SRFM has been the subject of several other research reports. Northland Securities initiated coverage on shares of Surf Air Mobility in a research note on Thursday, May 7th. They set an "outperform" rating and a $5.00 price objective for the company. Canaccord Genuity Group set a $1.50 target price on shares of Surf Air Mobility in a research note on Wednesday, May 13th. Alliance Global Partners started coverage on Surf Air Mobility in a report on Friday, May 1st. They set a "buy" rating and a $2.75 target price on the stock. Finally, Weiss Ratings cut Surf Air Mobility from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $3.08.

Surf Air Mobility Stock Up 6.3%

Shares of NYSE SRFM opened at $0.86 on Friday. The firm has a 50-day simple moving average of $0.94 and a 200-day simple moving average of $1.36. The stock has a market capitalization of $91.25 million, a price-to-earnings ratio of -0.32 and a beta of 2.83. Surf Air Mobility has a 52 week low of $0.67 and a 52 week high of $6.17.

Institutional Investors Weigh In On Surf Air Mobility

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in shares of Surf Air Mobility by 18,757.1% during the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company's stock worth $28,000 after purchasing an additional 6,565 shares in the last quarter. Bank of America Corp DE grew its holdings 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 valued at $44,000 after purchasing an additional 10,021 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Surf Air Mobility in the third quarter valued at approximately $47,000. Private Advisor Group LLC acquired a new position in shares of Surf Air Mobility in the third quarter valued at approximately $48,000. Finally, Osaic Holdings Inc. increased its stake in Surf Air Mobility by 669.8% during the 2nd quarter. Osaic Holdings Inc. now owns 17,244 shares of the company's stock worth $64,000 after buying an additional 15,004 shares during the period. 17.68% of the stock is currently owned by institutional investors and hedge funds.

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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