Surf Air Mobility (NYSE:SRFM) Raised to “Buy” at Canaccord Genuity Group

Surf Air Mobility (NYSE:SRFM) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Wednesday,Benzinga reports. The firm presently has a $3.25 target price on the stock, down from their previous target price of $3.75. Canaccord Genuity Group’s price target suggests a potential upside of 22.41% from the company’s previous close.

Separately, HC Wainwright started coverage on shares of Surf Air Mobility in a research note on Friday, March 7th. They issued a “buy” rating and a $12.00 target price for the company.

Surf Air Mobility Price Performance

Shares of SRFM opened at $2.66 on Wednesday. Surf Air Mobility has a one year low of $0.90 and a one year high of $6.72. The company’s fifty day moving average price is $3.98 and its 200 day moving average price is $3.28. The company has a market capitalization of $44.99 million, a PE ratio of -0.17 and a beta of 2.50.

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

Insiders Place Their Bets

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 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 represents a 38.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Surf Air Mobility

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SRFM. Geode Capital Management LLC boosted its holdings in Surf Air Mobility by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 93,210 shares of the company’s stock worth $503,000 after buying an additional 4,215 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Surf Air Mobility in the 4th quarter valued at approximately $63,000. Brave Asset Management Inc. bought a new position in Surf Air Mobility during the 4th quarter worth approximately $86,000. Jane Street Group LLC acquired a new position in Surf Air Mobility during the fourth quarter valued at approximately $99,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Surf Air Mobility in the third quarter valued at approximately $31,000. Institutional investors own 17.68% of the company’s stock.

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.