Surf Air Mobility (NYSE:SRFM) Shares Up 6.8% – Should You Buy?

Surf Air Mobility Inc. (NYSE:SRFM) shares rose 6.8% during trading on Monday. The stock traded as high as $1.20 and last traded at $1.1850. Approximately 9,833,545 shares were traded during trading, an increase of 42% from the average daily volume of 6,904,413 shares. The stock had previously closed at $1.11.

Analysts Set New Price Targets

Several research analysts recently weighed in on SRFM shares. Wall Street Zen downgraded Surf Air Mobility from a “hold” rating to a “sell” rating in a research note on Monday, August 17th. Weiss Ratings lowered Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 24th. Canaccord Genuity Group cut their price objective on shares of Surf Air Mobility from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Monday, August 17th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Surf Air Mobility has a consensus rating of “Hold” and a consensus price target of $2.92.

Surf Air Mobility Stock Performance

The stock has a 50 day moving average of $0.74 and a 200-day moving average of $1.00. The company has a market cap of $147.75 million, a PE ratio of -0.75 and a beta of 2.81.

Surf Air Mobility (NYSE:SRFM) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.11). The firm had revenue of $29.51 million during the quarter. Equities research analysts forecast that Surf Air Mobility Inc. will post -0.68 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP raised its stake in shares of Surf Air Mobility by 147.4% during the 2nd quarter. Engineers Gate Manager LP now owns 96,389 shares of the company’s stock valued at $112,000 after buying an additional 57,423 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Surf Air Mobility during the second quarter worth about $53,000. Parrish Capital LLC purchased a new position in Surf Air Mobility during the second quarter valued at approximately $27,000. J. Derek Lewis & Associates Inc. lifted its holdings in Surf Air Mobility by 84.3% in the first quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company’s stock valued at $337,000 after acquiring an additional 134,000 shares during the period. Finally, Balefire LLC purchased a new stake in Surf Air Mobility in the 1st quarter worth approximately $376,000. Hedge funds and other institutional investors own 17.68% of the company’s stock.

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.