Surf Air Mobility Inc. (NYSE:SRFM) Sees Significant Decrease in Short Interest

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

Insider Transactions 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 transaction, the director now directly owns 40,765 shares of the company’s stock, valued at $148,792.25. This represents a 38.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.10% of the company’s stock.

Institutional Trading of Surf Air Mobility

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRFM. Jane Street Group LLC bought a new position in Surf Air Mobility in the 4th quarter worth approximately $99,000. Marshall Wace LLP purchased a new position in Surf Air Mobility during the fourth quarter valued at $375,000. XTX Topco Ltd bought a new stake in Surf Air Mobility in the 4th quarter valued at $63,000. Geode Capital Management LLC lifted its stake 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 worth $503,000 after purchasing an additional 4,215 shares in the last quarter. Finally, Brave Asset Management Inc. bought a new position in shares of Surf Air Mobility during the 4th quarter valued at about $86,000. Institutional investors own 17.68% of the company’s stock.

Surf Air Mobility Stock Down 3.8 %

NYSE:SRFM traded down $0.10 during trading hours on Wednesday, hitting $2.56. 241,973 shares of the stock traded hands, compared to its average volume of 414,209. The company has a market cap of $43.38 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. The stock has a 50 day moving average price of $3.98 and a 200 day moving average price of $3.28.

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. HC Wainwright started coverage on Surf Air Mobility in a report on Friday, March 7th. They issued a “buy” rating and a $12.00 target price on the stock. Canaccord Genuity Group upgraded shares of Surf Air Mobility from a “hold” rating to a “buy” rating and decreased their price target for the stock from $3.75 to $3.25 in a research report on Wednesday.

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.