Surf Air Mobility (NYSE:SRFM) Rating Increased to Buy at Canaccord Genuity Group

Surf Air Mobility (NYSE:SRFM) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a $3.25 target price on the stock, down from their prior target price of $3.75. Canaccord Genuity Group’s price target points to a potential upside of 22.41% from the company’s current price.

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

Surf Air Mobility Price Performance

NYSE SRFM opened at $2.66 on Wednesday. The stock’s 50-day moving average is $3.98 and its 200-day moving average is $3.28. Surf Air Mobility has a one year low of $0.90 and a one year high of $6.72. The firm has a market cap of $44.99 million, a P/E ratio of -0.17 and a beta of 2.50.

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

Insiders Place Their Bets

In other Surf Air Mobility news, Director Tyler Painter sold 25,417 shares of the business’s 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 transaction, the director now owns 40,765 shares of the company’s stock, valued at $148,792.25. The trade was a 38.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Surf Air Mobility

A number of institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of 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 acquiring an additional 4,215 shares during the period. XTX Topco Ltd acquired a new stake in Surf Air Mobility in the 4th quarter valued at about $63,000. Brave Asset Management Inc. bought a new position in Surf Air Mobility during the fourth quarter worth about $86,000. Jane Street Group LLC bought a new position in Surf Air Mobility during the fourth quarter worth about $99,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Surf Air Mobility during the third quarter worth approximately $31,000. 17.68% of the stock is currently 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.