Wall Street Zen Downgrades Surf Air Mobility (NYSE:SRFM) to Sell

Key Points

• Wall Street Zen downgraded Surf Air Mobility from “Hold” to “Sell.” Despite mixed analyst opinions, the overall consensus remains “Hold,” with an average price target of $3.08.
• SRFM shares opened at $0.76, near their 52-week low of $0.67 and well below the 52-week high of $6.17. The stock’s 50-day and 200-day moving averages were $0.99 and $1.43, respectively.
• CEO Deanna Leigh White and CFO Oliver Reeves sold shares worth approximately $74,500 and $100,300, respectively, to cover tax obligations tied to vested equity awards. Insiders own 4.19% of the company, while institutional investors own 17.68%.

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

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

Surf Air Mobility Stock Performance

Shares of NYSE SRFM opened at $0.76 on Friday. The firm's 50 day moving average price is $0.99 and its 200-day moving average price is $1.43. The company has a market cap of $80.63 million, a PE ratio of -0.29 and a beta of 2.74. Surf Air Mobility has a 52-week low of $0.67 and a 52-week high of $6.17.

Insider Transactions at Surf Air Mobility

In other news, CEO Deanna Leigh White sold 56,884 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $74,518.04. Following the completion of the transaction, the chief executive officer directly owned 899,130 shares of the company's stock, valued at $1,177,860.30. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $1.31, for a total transaction of $100,305.39. Following the transaction, the chief financial officer directly owned 470,816 shares of the company's stock, valued at $616,768.96. The trade was a 13.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 Investors Weigh In On Surf Air Mobility

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new stake in Surf Air Mobility during the 1st quarter valued at $26,000. JPMorgan Chase & Co. boosted its stake in shares of Surf Air Mobility by 18,757.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company's stock worth $28,000 after buying an additional 6,565 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Surf Air Mobility by 7,157.9% in the 3rd quarter. Bank of America Corp DE now owns 10,161 shares of the company's stock worth $44,000 after buying an additional 10,021 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Surf Air Mobility in the 4th quarter worth $45,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Surf Air Mobility in the third quarter worth $47,000. 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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