Lake Street Capital Begins Coverage on Blade Air Mobility (NASDAQ:BLDE)

Equities researchers at Lake Street Capital began coverage on shares of Blade Air Mobility (NASDAQ:BLDE) in a research note issued to investors on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $6.50 price target on the stock. Lake Street Capital’s target price points to a potential upside of 92.31% from the stock’s previous close.

Separately, JPMorgan Chase & Co. boosted their target price on shares of Blade Air Mobility from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th.

Blade Air Mobility Stock Down 6.1 %

NASDAQ:BLDE opened at $3.38 on Wednesday. The business’s 50-day moving average price is $3.96 and its 200 day moving average price is $3.66. Blade Air Mobility has a 52-week low of $2.45 and a 52-week high of $5.17. The firm has a market cap of $264.70 million, a P/E ratio of -4.90 and a beta of 1.14.

Insider Buying and Selling

In other Blade Air Mobility news, CFO William A. Heyburn sold 103,670 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $5.02, for a total value of $520,423.40. Following the completion of the transaction, the chief financial officer now directly owns 1,223,120 shares in the company, valued at $6,140,062.40. This trade represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Melissa M. Tomkiel sold 22,486 shares of Blade Air Mobility stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $5.01, for a total transaction of $112,654.86. Following the completion of the transaction, the general counsel now directly owns 1,039,140 shares in the company, valued at approximately $5,206,091.40. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,441 shares of company stock worth $830,289 in the last three months. 18.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blade Air Mobility

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. raised its stake in Blade Air Mobility by 66,255.0% during the 4th quarter. Sunbelt Securities Inc. now owns 13,271 shares of the company’s stock valued at $58,000 after purchasing an additional 13,251 shares during the period. Connective Capital Management LLC acquired a new position in Blade Air Mobility during the fourth quarter valued at $434,000. Squarepoint Ops LLC lifted its stake in Blade Air Mobility by 38.5% in the 4th quarter. Squarepoint Ops LLC now owns 44,305 shares of the company’s stock worth $188,000 after acquiring an additional 12,311 shares in the last quarter. ProShare Advisors LLC boosted its position in Blade Air Mobility by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 16,341 shares of the company’s stock worth $69,000 after acquiring an additional 5,377 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in Blade Air Mobility by 46.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,081,180 shares of the company’s stock worth $4,595,000 after acquiring an additional 342,250 shares during the period. Institutional investors and hedge funds own 47.36% of the company’s stock.

Blade Air Mobility Company Profile

Blade Air Mobility, Inc provides air transportation alternatives to the congested ground routes in the United States. It provides its services through charter and by-the-seat flights using helicopters, jets, turboprops, and amphibious seaplanes. The company was founded in 2014 and is headquartered in New York, New York.