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

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 641,600 shares, a decline of 17.6% from the October 15th total of 779,000 shares. Based on an average daily volume of 807,300 shares, the days-to-cover ratio is currently 0.8 days. Currently, 7.1% of the company’s stock are sold short.

Insider Buying and Selling

In other news, major shareholder Palantir Technologies Inc. purchased 1,270,869 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $1.25 per share, with a total value of $1,588,586.25. Following the completion of the acquisition, the insider now directly owns 2,730,166 shares of the company’s stock, valued at approximately $3,412,707.50. This trade represents a 87.09 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 36,551 shares of company stock valued at $48,344 in the last three months. 8.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Surf Air Mobility

A hedge fund recently bought a new stake in Surf Air Mobility stock. Gordian Capital Singapore Pte Ltd purchased a new position in Surf Air Mobility Inc. (NYSE:SRFM) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 23,059 shares of the company’s stock, valued at approximately $31,000. Gordian Capital Singapore Pte Ltd owned approximately 0.18% of Surf Air Mobility at the end of the most recent quarter. Institutional investors own 17.68% of the company’s stock.

Surf Air Mobility Trading Down 4.7 %

NYSE SRFM traded down $0.08 during trading hours on Friday, reaching $1.64. 265,672 shares of the company traded hands, compared to its average volume of 298,145. The stock has a market capitalization of $21.04 million, a PE ratio of -0.07 and a beta of 0.93. Surf Air Mobility has a 12 month low of $0.90 and a 12 month high of $11.83. The company has a 50 day moving average of $1.71 and a two-hundred day moving average of $2.08.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($1.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.40) by ($0.56). The company had revenue of $32.37 million during the quarter, compared to analyst estimates of $30.15 million. On average, equities research analysts anticipate that Surf Air Mobility will post -7.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their price objective 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 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.