Surf Air Mobility Inc. (NYSE:SRFM) Short Interest Down 17.6% in October

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 641,600 shares, a drop of 17.6% from the October 15th total of 779,000 shares. Approximately 7.1% of the shares of the stock are sold short. Based on an average daily volume of 807,300 shares, the short-interest ratio is presently 0.8 days.

Surf Air Mobility Price Performance

Surf Air Mobility stock traded down $0.08 during mid-day trading on Friday, hitting $1.64. 265,390 shares of the company were exchanged, compared to its average volume of 298,145. Surf Air Mobility has a 12-month low of $0.90 and a 12-month high of $11.83. The company has a market capitalization of $21.04 million, a P/E ratio of -0.07 and a beta of 0.93. The business’s 50 day simple moving average is $1.70 and its two-hundred day simple moving average is $2.09.

Surf Air Mobility (NYSE:SRFM) last announced its earnings results on Wednesday, August 14th. The company reported ($1.96) earnings per share for the quarter, missing the consensus estimate of ($1.40) by ($0.56). The company had revenue of $32.37 million for the quarter, compared to analysts’ expectations of $30.15 million. Equities research analysts predict that Surf Air Mobility will post -7.07 earnings per share for the current year.

Insider Activity at Surf Air Mobility

In other news, major shareholder Palantir Technologies Inc. bought 1,270,869 shares of the stock in a transaction on Wednesday, October 2nd. The shares were bought at an average price of $1.25 per share, with a total value of $1,588,586.25. Following the completion of the acquisition, the insider now owns 2,730,166 shares of the company’s stock, valued at approximately $3,412,707.50. This trade represents a 87.09 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 36,551 shares of company stock worth $48,344 over the last 90 days. Company insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Surf Air Mobility

A hedge fund recently bought a new stake in Surf Air Mobility stock. Gordian Capital Singapore Pte Ltd bought a new position in Surf Air Mobility Inc. (NYSE:SRFM) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 23,059 shares of the company’s stock, valued at approximately $31,000. Gordian Capital Singapore Pte Ltd owned 0.18% of Surf Air Mobility as of its most recent filing with the Securities and Exchange Commission. 17.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Canaccord Genuity Group increased their price objective on shares of Surf Air Mobility from $1.00 to $2.20 and gave the company a “hold” rating in a research note on Tuesday, August 27th.

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.