Surf Air Mobility (NYSE:SRFM) Price Target Cut to $3.75 by Analysts at Canaccord Genuity Group

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

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

Surf Air Mobility Trading Down 7.7 %

NYSE SRFM opened at $3.72 on Thursday. Surf Air Mobility has a 12 month low of $0.90 and a 12 month high of $7.14. The stock has a 50 day moving average of $4.07 and a 200-day moving average of $3.13. The company has a market cap of $63.01 million, a PE ratio of -0.23 and a beta of 2.50.

Surf Air Mobility (NYSE:SRFM) last posted its quarterly earnings results 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.

Insiders Place Their Bets

In other news, Director Sudhin Shahani acquired 17,237 shares of the stock in a transaction on Monday, December 23rd. The shares were purchased at an average price of $3.43 per share, for a total transaction of $59,122.91. Following the transaction, the director now directly owns 360,877 shares of the company’s stock, valued at approximately $1,237,808.11. This represents a 5.02 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SRFM. Gordian Capital Singapore Pte Ltd bought a new position in shares of Surf Air Mobility in the third quarter worth $31,000. XTX Topco Ltd bought a new position in shares of Surf Air Mobility in the fourth quarter worth $63,000. Brave Asset Management Inc. bought a new position in shares of Surf Air Mobility in the fourth quarter worth $86,000. Jane Street Group LLC bought a new position in shares of Surf Air Mobility in the fourth quarter worth $99,000. Finally, Marshall Wace LLP bought a new position in shares of Surf Air Mobility in the fourth quarter worth $375,000. 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.