Surf Air Mobility (NYSE:SRFM) Announces Quarterly Earnings Results

Surf Air Mobility (NYSE:SRFM) announced its quarterly earnings results on Thursday. The company reported ($0.41) earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $26.45 million during the quarter.

Surf Air Mobility Trading Down 4.3%

Shares of SRFM traded down $0.09 on Thursday, reaching $1.90. 3,807,567 shares of the company’s stock traded hands, compared to its average volume of 3,360,664. The stock’s 50 day simple moving average is $2.26 and its two-hundred day simple moving average is $3.06. The stock has a market cap of $118.61 million, a PE ratio of -0.76 and a beta of 3.01. Surf Air Mobility has a 52-week low of $1.77 and a 52-week high of $9.91.

Institutional Investors Weigh In On Surf Air Mobility

Several large investors have recently made changes to their positions in the business. Aristides Capital LLC purchased a new stake in shares of Surf Air Mobility during the 4th quarter valued at $195,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Surf Air Mobility in the 4th quarter worth about $127,000. Quadrature Capital Ltd grew its position in Surf Air Mobility by 22.6% during the fourth quarter. Quadrature Capital Ltd now owns 90,015 shares of the company’s stock valued at $175,000 after buying an additional 16,593 shares during the period. Engineers Gate Manager LP increased its holdings in Surf Air Mobility by 216.4% during the fourth quarter. Engineers Gate Manager LP now owns 50,720 shares of the company’s stock worth $98,000 after buying an additional 34,692 shares during the last quarter. Finally, 683 Capital Management LLC purchased a new stake in Surf Air Mobility during the fourth quarter worth about $394,000. 17.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SRFM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Surf Air Mobility in a report on Wednesday, January 21st. Canaccord Genuity Group dropped their price target on shares of Surf Air Mobility from $3.75 to $3.50 and set a “hold” rating on the stock in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Surf Air Mobility currently has a consensus rating of “Hold” and a consensus price target of $3.75.

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.