Surf Air Mobility (NYSE:SRFM) Rating Lowered to “Sell” at Wall Street Zen

Surf Air Mobility (NYSE:SRFM) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Monday.

Several other analysts have also recently issued reports on SRFM. Canaccord Genuity Group set a $1.50 target price on Surf Air Mobility in a research note on Wednesday, May 13th. Weiss Ratings lowered Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 24th. Northland Securities started coverage on Surf Air Mobility in a report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 price objective for the company. Alliance Global Partners assumed coverage on Surf Air Mobility in a research report on Friday, May 1st. They issued a “buy” rating and a $2.75 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating on shares of Surf Air Mobility in a research note on Tuesday, August 11th. Three 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’s stock. According to MarketBeat.com, Surf Air Mobility has a consensus rating of “Hold” and an average price target of $2.92.

Surf Air Mobility Stock Down 3.8%

Shares of SRFM opened at $0.66 on Monday. The stock has a market capitalization of $82.10 million, a P/E ratio of -0.41 and a beta of 2.83. Surf Air Mobility has a twelve month low of $0.63 and a twelve month high of $6.17. The firm has a fifty day simple moving average of $0.89 and a two-hundred day simple moving average of $1.27.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.11). The business had revenue of $29.51 million for the quarter. Sell-side analysts expect that Surf Air Mobility will post -0.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Surf Air Mobility

A number of large investors have recently modified their holdings of SRFM. Bank of New York Mellon Corp purchased a new position in shares of Surf Air Mobility during the first quarter valued at about $26,000. JPMorgan Chase & Co. lifted its holdings in Surf Air Mobility by 18,757.1% in 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 period. Bank of America Corp DE boosted its position in Surf Air Mobility by 7,157.9% during the 3rd 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 in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in Surf Air Mobility during the 4th quarter valued at approximately $45,000. Finally, Jefferies Financial Group Inc. bought a new stake in Surf Air Mobility during the 3rd quarter valued at approximately $47,000. 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.