Surf Air Mobility Inc. (NYSE:SRFM) Sees Large Growth in Short Interest

Surf Air Mobility Inc. (NYSE:SRFM) was the target of a significant growth in short interest during the month of February. As of February 15th, there was short interest totalling 872,100 shares, a growth of 45.7% from the January 31st total of 598,400 shares. Currently, 7.9% of the company’s stock are short sold. Based on an average daily trading volume, of 529,800 shares, the days-to-cover ratio is presently 1.6 days.

Surf Air Mobility Price Performance

Shares of NYSE:SRFM traded down $0.27 during trading on Monday, hitting $3.16. The company’s stock had a trading volume of 208,197 shares, compared to its average volume of 399,306. The firm has a market cap of $53.52 million, a price-to-earnings ratio of -0.20 and a beta of 2.35. The company has a 50-day moving average of $4.42 and a 200-day moving average of $2.93. Surf Air Mobility has a 12 month low of $0.90 and a 12 month high of $7.90.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group increased their price objective on shares of Surf Air Mobility from $2.20 to $4.00 and gave the company a “hold” rating in a research report on Friday, December 13th.

Insider Buying and Selling at Surf Air Mobility

In other news, Director Sudhin Shahani acquired 17,237 shares of Surf Air Mobility stock in a transaction on Monday, December 23rd. The stock was acquired at an average cost of $3.43 per share, for a total transaction of $59,122.91. Following the purchase, the director now owns 360,877 shares in the company, valued at $1,237,808.11. This trade represents a 5.02 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SRFM. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Surf Air Mobility during the 3rd quarter valued at about $31,000. Brave Asset Management Inc. purchased a new position in Surf Air Mobility during the fourth quarter valued at approximately $86,000. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 4,215 shares during the period. XTX Topco Ltd purchased a new stake in shares of Surf Air Mobility in the fourth quarter worth $63,000. Finally, Marshall Wace LLP bought a new stake in shares of Surf Air Mobility during the 4th quarter valued at $375,000. 17.68% of the stock is currently owned by institutional investors.

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.