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

Surf Air Mobility Inc. (NYSE:SRFM) saw a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 841,100 shares, a decrease of 15.3% from the February 28th total of 993,400 shares. Currently, 7.0% of the shares of the stock are short sold. Based on an average trading volume of 410,500 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

SRFM has been the subject of a number of recent analyst reports. Canaccord Genuity Group upgraded Surf Air Mobility from a “hold” rating to a “buy” rating and decreased their price target for the company from $3.75 to $3.25 in a research report on Wednesday. HC Wainwright began coverage on shares of Surf Air Mobility in a research report on Friday, March 7th. They issued a “buy” rating and a $12.00 target price on the stock.

Surf Air Mobility Stock Performance

Shares of SRFM stock traded down $0.19 on Thursday, reaching $2.37. 243,630 shares of the company’s stock traded hands, compared to its average volume of 415,404. The business’s 50 day moving average price is $3.95 and its two-hundred day moving average price is $3.28. The company has a market capitalization of $40.16 million, a P/E ratio of -0.15 and a beta of 2.50. Surf Air Mobility has a 12-month low of $0.90 and a 12-month high of $6.72.

Surf Air Mobility (NYSE:SRFM) last released 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 at Surf Air Mobility

In other news, Director Tyler Painter sold 25,417 shares of the stock in a transaction 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 owns 40,765 shares in the company, valued at approximately $148,792.25. This represents a 38.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Surf Air Mobility during the 3rd quarter valued at $31,000. XTX Topco Ltd purchased a new stake in shares of Surf Air Mobility during the fourth quarter worth $63,000. Brave Asset Management Inc. acquired a new stake in Surf Air Mobility during the fourth quarter valued at $86,000. Jane Street Group LLC purchased a new position in Surf Air Mobility in the fourth quarter valued at about $99,000. Finally, Marshall Wace LLP purchased a new position in Surf Air Mobility in the fourth quarter valued at about $375,000. Institutional investors and hedge funds own 17.68% of the company’s stock.

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.