Surf Air Mobility Inc. (NYSE:SRFM) Sees Large Growth in Short Interest

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 495,600 shares, an increase of 30.6% from the September 15th total of 379,400 shares. Based on an average trading volume of 218,900 shares, the days-to-cover ratio is currently 2.3 days. Currently, 5.5% of the shares of the stock are short sold.

Insider Transactions at Surf Air Mobility

In related news, major shareholder Palantir Technologies Inc. acquired 1,270,869 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was acquired at an average cost of $1.25 per share, for a total transaction of $1,588,586.25. Following the transaction, the insider now directly owns 2,730,166 shares in the company, valued at $3,412,707.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 36,551 shares of company stock valued at $48,344. 8.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group upped their price target on shares of Surf Air Mobility from $1.00 to $2.20 and gave the company a “hold” rating in a research report on Tuesday, August 27th.

Surf Air Mobility Stock Down 7.5 %

Surf Air Mobility stock traded down $0.15 during mid-day trading on Tuesday, hitting $1.84. 515,476 shares of the stock were exchanged, compared to its average volume of 301,199. The firm’s fifty day simple moving average is $1.57 and its two-hundred day simple moving average is $2.49. Surf Air Mobility has a 12 month low of $0.90 and a 12 month high of $11.83. The stock has a market capitalization of $23.61 million, a price-to-earnings ratio of -0.08 and a beta of 1.53.

Surf Air Mobility (NYSE:SRFM) last released its earnings results on Wednesday, August 14th. The company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.40) by ($0.56). The company had revenue of $32.37 million for the quarter, compared to analyst estimates of $30.15 million. As a group, analysts forecast that Surf Air Mobility will post -7.07 earnings per share for the current fiscal year.

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.