Canaccord Genuity Group Cuts Surf Air Mobility (NYSE:SRFM) Price Target to $3.75

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

Separately, HC Wainwright started coverage on Surf Air Mobility in a research report on Friday, March 7th. They issued a “buy” rating and a $12.00 price target for the company.

Surf Air Mobility Trading Up 1.2 %

NYSE SRFM opened at $3.74 on Thursday. The firm has a market capitalization of $63.40 million, a P/E ratio of -0.24 and a beta of 2.50. The business has a fifty day simple moving average of $4.06 and a 200 day simple moving average of $3.17. Surf Air Mobility has a 12 month low of $0.90 and a 12 month high of $7.14.

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

Insider Activity

In other Surf Air Mobility news, Director Sudhin Shahani bought 17,237 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was purchased at an average cost of $3.43 per share, with a total value of $59,122.91. Following the transaction, the director now directly owns 360,877 shares in the company, valued at $1,237,808.11. This trade represents a 5.02 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Surf Air Mobility by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock worth $503,000 after acquiring an additional 4,215 shares during the period. Marshall Wace LLP bought a new position in shares of Surf Air Mobility during the 4th quarter worth $375,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Surf Air Mobility during the 3rd quarter worth $31,000. Jane Street Group LLC bought a new position in shares of Surf Air Mobility during the 4th quarter worth $99,000. Finally, Brave Asset Management Inc. bought a new position in shares of Surf Air Mobility during the 4th quarter worth $86,000. Institutional investors own 17.68% of the company’s stock.

About Surf Air Mobility

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.