Canaccord Genuity Group Cuts Surf Air Mobility (NYSE:SRFM) Price Target to $1.00

Surf Air Mobility (NYSE:SRFM) had its price target cut by Canaccord Genuity Group from $1.50 to $1.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a hold rating on the stock.

A number of other equities analysts have also recently commented on SRFM. Alliance Global Partners began coverage on Surf Air Mobility in a report on Friday, May 1st. They issued a “buy” rating and a $2.75 target price on the stock. Wall Street Zen lowered Surf Air Mobility from a “hold” rating to a “sell” rating in a report on Monday. Northland Securities began coverage on Surf Air Mobility in a report on Thursday, May 7th. They set an “outperform” rating and a $5.00 price target for the company. HC Wainwright restated a “buy” rating on shares of Surf Air Mobility in a research report on Tuesday, August 11th. Finally, Weiss Ratings downgraded Surf Air Mobility from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2.92.

Surf Air Mobility Trading Up 2.7%

Shares of SRFM stock opened at $0.69 on Monday. Surf Air Mobility has a 12 month low of $0.63 and a 12 month high of $6.17. The stock has a market cap of $84.94 million, a P/E ratio of -0.43 and a beta of 2.83. The company has a 50 day simple moving average of $0.88 and a two-hundred day simple moving average of $1.26.

Surf Air Mobility (NYSE:SRFM) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.11). The firm had revenue of $29.51 million for the quarter. As a group, equities analysts forecast that Surf Air Mobility will post -0.68 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in shares of Surf Air Mobility in the first quarter worth about $26,000. JPMorgan Chase & Co. boosted its stake in Surf Air Mobility by 18,757.1% during the third quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock valued at $28,000 after buying an additional 6,565 shares during the last quarter. Bank of America Corp DE boosted its stake in Surf Air Mobility by 7,157.9% during the third quarter. Bank of America Corp DE now owns 10,161 shares of the company’s stock valued at $44,000 after buying an additional 10,021 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Surf Air Mobility during the 4th quarter valued at approximately $45,000. Finally, Jefferies Financial Group Inc. purchased a new position in Surf Air Mobility during the 3rd quarter valued at approximately $47,000. 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.