Surf Air Mobility (NYSE:SRFM) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Surf Air Mobility (NYSE:SRFM) from a hold rating to a sell rating in a research report released on Monday morning.

Several other analysts also recently issued reports on the company. Alliance Global Partners initiated coverage on Surf Air Mobility in a research note on Friday, May 1st. They issued a “buy” rating and a $2.75 price target for the company. Weiss Ratings cut Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 24th. HC Wainwright reissued a “buy” rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Northland Securities assumed coverage on shares of Surf Air Mobility in a research report on Thursday, May 7th. They issued an “outperform” rating and a $5.00 target price for the company. Finally, Canaccord Genuity Group set a $1.50 price target on shares of Surf Air Mobility in a research note on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.92.

Surf Air Mobility Trading Down 5.0%

Surf Air Mobility stock opened at $0.69 on Monday. The company has a market capitalization of $85.32 million, a price-to-earnings ratio of -0.43 and a beta of 2.83. Surf Air Mobility has a 12 month low of $0.67 and a 12 month high of $6.17. The stock’s 50 day moving average is $0.90 and its 200-day moving average is $1.28.

Institutional Investors Weigh In On Surf Air Mobility

Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in Surf Air Mobility by 18,757.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock worth $28,000 after acquiring an additional 6,565 shares during the period. Bank of America Corp DE raised its holdings in Surf Air Mobility by 7,157.9% in the 3rd quarter. Bank of America Corp DE now owns 10,161 shares of the company’s stock valued at $44,000 after acquiring an additional 10,021 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Surf Air Mobility during the 3rd quarter valued at $47,000. Private Advisor Group LLC bought a new stake in shares of Surf Air Mobility during the 3rd quarter valued at $48,000. Finally, Osaic Holdings Inc. lifted its position in shares of Surf Air Mobility by 669.8% during the 2nd quarter. Osaic Holdings Inc. now owns 17,244 shares of the company’s stock valued at $64,000 after acquiring an additional 15,004 shares during the period. 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.