Surf Air Mobility (NYSE:SRFM) Coverage Initiated at HC Wainwright

HC Wainwright started coverage on shares of Surf Air Mobility (NYSE:SRFM) in a research note issued on Friday,Benzinga reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 188.12% from the stock’s previous close.

Separately, Canaccord Genuity Group raised their price objective on Surf Air Mobility from $2.20 to $4.00 and gave the company a “hold” rating in a research note on Friday, December 13th.

Surf Air Mobility Trading Up 10.2 %

Shares of Surf Air Mobility stock opened at $4.17 on Friday. The company has a 50-day moving average of $4.36 and a two-hundred day moving average of $3.00. Surf Air Mobility has a 12-month low of $0.90 and a 12-month high of $7.77. The stock has a market cap of $70.54 million, a PE ratio of -0.26 and a beta of 2.50.

Insider Activity at Surf Air Mobility

In other news, Director Sudhin Shahani purchased 17,237 shares of the stock in a transaction dated Monday, December 23rd. The stock was acquired at an average cost of $3.43 per share, for a total transaction of $59,122.91. Following the completion of the acquisition, the director now directly owns 360,877 shares in the company, valued at $1,237,808.11. This represents a 5.02 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Surf Air Mobility

Several institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its holdings 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 valued at $503,000 after acquiring an additional 4,215 shares during the last quarter. Marshall Wace LLP acquired a new position in Surf Air Mobility in the fourth quarter valued at $375,000. Gordian Capital Singapore Pte Ltd purchased a new position in Surf Air Mobility during the third quarter worth about $31,000. Jane Street Group LLC purchased a new position in Surf Air Mobility during the fourth quarter worth about $99,000. Finally, Brave Asset Management Inc. purchased a new stake in Surf Air Mobility in the 4th quarter valued at about $86,000. Hedge funds and other institutional investors own 17.68% of the company’s stock.

About Surf Air Mobility

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.