Surf Air Mobility Inc. (NYSE:SRFM) Short Interest Down 15.3% in March

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a significant decline in short interest in 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. Based on an average daily volume of 410,500 shares, the days-to-cover ratio is currently 2.0 days. Currently, 7.0% of the shares of the company are sold short.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Surf Air Mobility news, Director Tyler Painter sold 25,417 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $3.65, for a total value of $92,772.05. Following the transaction, the director now owns 40,765 shares of the company’s stock, valued at $148,792.25. This trade represents a 38.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Surf Air Mobility

A number of institutional investors and hedge funds have recently bought and sold shares of SRFM. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Surf Air Mobility during the 3rd quarter worth about $31,000. XTX Topco Ltd acquired a new position in shares of Surf Air Mobility during the fourth quarter valued at approximately $63,000. Brave Asset Management Inc. bought a new stake in Surf Air Mobility during the fourth quarter worth approximately $86,000. Jane Street Group LLC acquired a new stake in Surf Air Mobility in the fourth quarter worth approximately $99,000. Finally, Marshall Wace LLP bought a new position in Surf Air Mobility during the 4th quarter valued at $375,000. Institutional investors own 17.68% of the company’s stock.

Surf Air Mobility Price Performance

Shares of NYSE SRFM traded down $0.19 during midday trading on Thursday, hitting $2.37. 243,630 shares of the company’s stock were exchanged, compared to its average volume of 415,404. Surf Air Mobility has a twelve month low of $0.90 and a twelve month high of $6.72. The firm has a market cap of $40.16 million, a P/E ratio of -0.15 and a beta of 2.50. The stock’s 50 day moving average price is $3.95 and its 200-day moving average price is $3.28.

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

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.