Surf Air Mobility (NYSE:SRFM) Upgraded at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Surf Air Mobility (NYSE:SRFM) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm currently has $3.25 price objective on the stock, down from their previous price objective of $3.75.

Separately, HC Wainwright began coverage on shares of Surf Air Mobility in a research report on Friday, March 7th. They set a “buy” rating and a $12.00 price objective for the company.

Surf Air Mobility Stock Down 7.2 %

Shares of Surf Air Mobility stock opened at $2.21 on Wednesday. The business has a 50-day moving average price of $3.88 and a 200 day moving average price of $3.28. Surf Air Mobility has a fifty-two week low of $0.90 and a fifty-two week high of $6.72. The firm has a market cap of $37.42 million, a P/E ratio of -0.14 and a beta of 2.50.

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

Insider Buying and Selling

In other news, Director Tyler Painter sold 25,417 shares of the firm’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $3.65, for a total transaction of $92,772.05. Following the transaction, the director now directly owns 40,765 shares of the company’s stock, valued at approximately $148,792.25. This trade represents a 38.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SRFM. Jane Street Group LLC bought a new position in Surf Air Mobility during the 4th quarter valued at $99,000. Marshall Wace LLP bought a new position in Surf Air Mobility during the fourth quarter valued at about $375,000. XTX Topco Ltd acquired a new position in Surf Air Mobility during the fourth quarter worth about $63,000. Geode Capital Management LLC raised its position 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 worth $503,000 after acquiring an additional 4,215 shares in the last quarter. Finally, Brave Asset Management Inc. bought a new stake in Surf Air Mobility in the fourth quarter worth about $86,000. Institutional investors and hedge funds 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.