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

Surf Air Mobility (NYSE:SRFM) had its price target decreased by research analysts at Canaccord Genuity Group from $4.00 to $3.75 in a research note issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 0.19% from the company’s previous close.

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

Surf Air Mobility Trading Up 1.2 %

Shares of NYSE:SRFM opened at $3.74 on Thursday. The firm’s 50 day moving average is $4.06 and its two-hundred day moving average is $3.15. The firm has a market capitalization of $63.40 million, a P/E ratio of -0.24 and a beta of 2.50. Surf Air Mobility has a 52 week low of $0.90 and a 52 week high of $7.14.

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

Insider Activity

In other news, Director Sudhin Shahani bought 17,237 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were acquired at an average cost of $3.43 per share, with a total value of $59,122.91. Following the completion of the transaction, the director now directly owns 360,877 shares in the company, valued at approximately $1,237,808.11. The trade was a 5.02 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Surf Air Mobility

Several hedge funds have recently made changes to their positions in the company. Gordian Capital Singapore Pte Ltd acquired a new stake in Surf Air Mobility during the 3rd quarter valued at $31,000. Brave Asset Management Inc. acquired a new position in Surf Air Mobility during the fourth quarter valued at $86,000. Geode Capital Management LLC raised its position in Surf Air Mobility by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock valued at $503,000 after buying an additional 4,215 shares during the period. XTX Topco Ltd purchased a new stake in Surf Air Mobility in the 4th quarter worth about $63,000. Finally, Marshall Wace LLP acquired a new stake in Surf Air Mobility during the 4th quarter worth about $375,000. Hedge funds and other 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.