Canaccord Genuity Group Issues Pessimistic Forecast for Surf Air Mobility (NYSE:SRFM) Stock Price

Surf Air Mobility (NYSE:SRFM) had its price objective decreased by Canaccord Genuity Group from $4.00 to $3.75 in a report released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Separately, HC Wainwright assumed coverage on Surf Air Mobility in a research note on Friday, March 7th. They set a “buy” rating and a $12.00 price target on the stock.

Surf Air Mobility Stock Down 7.7 %

NYSE:SRFM opened at $3.72 on Thursday. The stock’s 50-day simple moving average is $4.07 and its 200 day simple moving average is $3.13. The firm has a market capitalization of $63.01 million, a PE ratio of -0.23 and a beta of 2.50. Surf Air Mobility has a twelve month low of $0.90 and a twelve month high of $7.14.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings data on Tuesday, March 18th. The company reported $0.59 earnings per share for the quarter. The business had revenue of $28.05 million during the quarter.

Insider Activity at Surf Air Mobility

In related news, Director Sudhin Shahani bought 17,237 shares of Surf Air Mobility stock in a transaction that occurred on Monday, December 23rd. The shares were acquired at an average cost of $3.43 per share, for a total transaction of $59,122.91. Following the completion of the acquisition, the director now directly owns 360,877 shares of the company’s stock, valued at approximately $1,237,808.11. The trade was a 5.02 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 8.10% of the stock is currently owned by company insiders.

Institutional Trading of Surf Air Mobility

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in Surf Air Mobility by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock valued at $503,000 after acquiring an additional 4,215 shares during the last quarter. Marshall Wace LLP acquired a new position in Surf Air Mobility in the fourth quarter valued at approximately $375,000. Gordian Capital Singapore Pte Ltd acquired a new position in Surf Air Mobility in the third quarter valued at approximately $31,000. Jane Street Group LLC acquired a new position in Surf Air Mobility in the fourth quarter valued at approximately $99,000. Finally, Brave Asset Management Inc. acquired a new position in Surf Air Mobility in the fourth quarter valued at approximately $86,000. 17.68% of the stock is currently 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.