Surf Air Mobility (NYSE:SRFM) Rating Increased to Buy 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 Ratings reports. They currently have $3.25 target price on the stock, down from their previous target price of $3.75.

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

Surf Air Mobility Price Performance

Shares of NYSE SRFM opened at $2.54 on Wednesday. The business has a 50-day moving average of $3.95 and a two-hundred day moving average of $3.28. The company has a market capitalization of $43.05 million, a price-to-earnings ratio of -0.16 and a beta of 2.50. Surf Air Mobility has a 1 year low of $0.90 and a 1 year high of $6.72.

Surf Air Mobility (NYSE:SRFM) last posted its 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 for the quarter.

Insider Buying and Selling

In other Surf Air Mobility news, Director Tyler Painter sold 25,417 shares of the stock in a transaction that occurred 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 completion of the sale, 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 position. The transaction 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 Investors Weigh In On Surf Air Mobility

Several hedge funds have recently modified their holdings of SRFM. Geode Capital Management LLC boosted its holdings in Surf Air Mobility by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock valued at $503,000 after purchasing an additional 4,215 shares in the last quarter. Marshall Wace LLP acquired a new position in Surf Air Mobility during the fourth quarter worth $375,000. Gordian Capital Singapore Pte Ltd purchased a new position in Surf Air Mobility in the third quarter worth $31,000. Jane Street Group LLC acquired a new stake in Surf Air Mobility in the fourth quarter valued at $99,000. Finally, Brave Asset Management Inc. purchased a new stake in shares of Surf Air Mobility during the 4th quarter worth $86,000. 17.68% of the stock is owned by institutional investors and hedge funds.

Surf Air Mobility Company Profile

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.