Brokerages Set Surf Air Mobility Inc. (NYSE:SRFM) Price Target at $3.31

Shares of Surf Air Mobility Inc. (NYSE:SRFM) have earned a consensus recommendation of “Hold” from the five brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $3.3125.

A number of analysts have recently weighed in on the company. Weiss Ratings lowered Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. Northland Securities assumed 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 target on the stock. Wall Street Zen raised shares of Surf Air Mobility from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Canaccord Genuity Group set a $1.50 price target on shares of Surf Air Mobility in a research note on Wednesday, May 13th. Finally, Alliance Global Partners assumed coverage on shares of Surf Air Mobility in a research note on Friday, May 1st. They set a “buy” rating and a $2.75 price target on the stock.

Insider Activity at Surf Air Mobility

In other news, CEO Deanna Leigh White sold 56,884 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $1.31, for a total transaction of $74,518.04. Following the transaction, the chief executive officer owned 899,130 shares of the company’s stock, valued at $1,177,860.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 firm’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 $100,305.39. Following the completion of the transaction, the chief financial officer owned 470,816 shares in the company, valued at approximately $616,768.96. This represents a 13.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 190,047 shares of company stock worth $248,962 over the last three months. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Surf Air Mobility

Several hedge funds have recently added to or reduced their stakes in the company. Rathbones Group PLC boosted its holdings in Surf Air Mobility by 3.1% in the third quarter. Rathbones Group PLC now owns 166,759 shares of the company’s stock valued at $715,000 after acquiring an additional 5,000 shares during the last quarter. JPMorgan Chase & Co. raised its stake 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 buying an additional 6,565 shares during the last quarter. Bank of America Corp DE boosted its stake in 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 acquiring an additional 10,021 shares during the last quarter. J.W. Cole Advisors Inc. bought a new position in Surf Air Mobility in the third quarter valued at approximately $47,000. Finally, Jefferies Financial Group Inc. bought a new position in Surf Air Mobility in the third quarter valued at approximately $47,000. Institutional investors own 17.68% of the company’s stock.

Surf Air Mobility Stock Performance

Shares of NYSE:SRFM opened at $1.11 on Monday. Surf Air Mobility has a twelve month low of $1.01 and a twelve month high of $9.91. The firm has a market cap of $110.95 million, a PE ratio of -0.42 and a beta of 2.75. The business has a fifty day moving average of $1.20 and a 200-day moving average of $1.79.

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.