Surf Air Mobility (NYSE:SRFM) Shares Down 3.4% – Here’s Why

Surf Air Mobility Inc. (NYSE:SRFM) was down 3.4% on Wednesday. The stock traded as low as $0.8351 and last traded at $0.8460. Approximately 1,902,229 shares traded hands during trading, a decline of 72% from the average daily volume of 6,916,089 shares. The stock had previously closed at $0.8762.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SRFM shares. HC Wainwright reissued a “buy” rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Canaccord Genuity Group decreased their target price on Surf Air Mobility from $1.50 to $1.00 and set a “hold” rating for the company in a research report on Monday, August 17th. Wall Street Zen downgraded Surf Air Mobility from a “hold” rating to a “sell” rating in a research note on Monday, August 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Surf Air Mobility in a report on Thursday. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.92.

Surf Air Mobility Trading Down 3.1%

The firm’s 50-day moving average is $0.78 and its 200-day moving average is $0.96. The firm has a market cap of $95.82 million, a price-to-earnings ratio of -0.48 and a beta of 2.51.

Surf Air Mobility (NYSE:SRFM) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.29) 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. Analysts forecast that Surf Air Mobility Inc. will post -0.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Surf Air Mobility

Several hedge funds and other institutional investors have recently made changes to their positions in SRFM. Bank of New York Mellon Corp acquired a new stake in shares of Surf Air Mobility in the 1st quarter worth about $26,000. Parrish Capital LLC bought a new position in Surf Air Mobility in the 2nd quarter valued at about $27,000. Squarepoint Ops LLC bought a new position in Surf Air Mobility in the 2nd quarter valued at about $53,000. Engineers Gate Manager LP boosted its stake in Surf Air Mobility by 147.4% during the 2nd quarter. Engineers Gate Manager LP now owns 96,389 shares of the company’s stock valued at $112,000 after purchasing an additional 57,423 shares during the last quarter. Finally, J. Derek Lewis & Associates Inc. boosted its stake in Surf Air Mobility by 84.3% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company’s stock valued at $337,000 after purchasing an additional 134,000 shares during the last quarter. 17.68% of the stock is owned by institutional investors.

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.