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

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

Surf Air Mobility Trading Down 4.7 %

Shares of SRFM stock opened at $1.64 on Friday. The company’s fifty day moving average price is $1.71 and its two-hundred day moving average price is $2.07. Surf Air Mobility has a 12 month low of $0.90 and a 12 month high of $11.83.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($1.96) EPS for the quarter, missing the consensus estimate of ($1.40) by ($0.56). The company had revenue of $32.37 million during the quarter, compared to analyst estimates of $30.15 million. On average, analysts anticipate that Surf Air Mobility will post -7.07 EPS for the current year.

Insider Transactions at Surf Air Mobility

In related news, major shareholder Palantir Technologies Inc. acquired 1,270,869 shares of Surf Air Mobility stock in a transaction on Wednesday, October 2nd. The shares were bought at an average price of $1.25 per share, for a total transaction of $1,588,586.25. Following the completion of the purchase, the insider now directly owns 2,730,166 shares in the company, valued at $3,412,707.50. This trade represents a 87.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 36,551 shares of company stock valued at $48,344 over the last 90 days. Corporate insiders own 8.10% of the company’s stock.

Institutional Investors Weigh In On Surf Air Mobility

A hedge fund recently bought a new stake in Surf Air Mobility stock. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Surf Air Mobility Inc. (NYSE:SRFM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,059 shares of the company’s stock, valued at approximately $31,000. Gordian Capital Singapore Pte Ltd owned approximately 0.18% of Surf Air Mobility at the end of the most recent quarter. Institutional investors and hedge funds own 17.68% of the company’s stock.

Analyst Ratings Changes

Separately, Canaccord Genuity Group boosted their price target on Surf Air Mobility from $1.00 to $2.20 and gave the stock a “hold” rating in a research report 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.