Short Interest in Surf Air Mobility Inc. (NYSE:SRFM) Grows By 49.3%

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totaling 7,654,905 shares, a growth of 49.3% from the November 30th total of 5,128,662 shares. Approximately 13.3% of the company’s stock are sold short. Based on an average daily volume of 3,330,937 shares, the days-to-cover ratio is presently 2.3 days. Based on an average daily volume of 3,330,937 shares, the days-to-cover ratio is presently 2.3 days. Approximately 13.3% of the company’s stock are sold short.

Surf Air Mobility Trading Up 3.6%

Shares of Surf Air Mobility stock traded up $0.07 during trading hours on Tuesday, hitting $2.00. 4,351,400 shares of the company were exchanged, compared to its average volume of 3,325,128. The business has a 50-day moving average of $2.70 and a 200-day moving average of $3.83. Surf Air Mobility has a 1 year low of $1.77 and a 1 year high of $9.91. The stock has a market capitalization of $125.19 million, a price-to-earnings ratio of -0.81 and a beta of 3.05.

Surf Air Mobility (NYSE:SRFM) last released its earnings results on Wednesday, November 12th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.61) by ($0.03). The firm had revenue of $29.17 million for the quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SRFM shares. Canaccord Genuity Group dropped their target price 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Surf Air Mobility in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $6.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRFM. Rathbones Group PLC grew its holdings in shares of Surf Air Mobility by 3.1% in the 3rd quarter. Rathbones Group PLC now owns 166,759 shares of the company’s stock worth $715,000 after acquiring an additional 5,000 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Surf Air Mobility by 18,757.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,600 shares of the company’s stock worth $28,000 after purchasing an additional 6,565 shares in the last quarter. Bank of America Corp DE lifted its stake in Surf Air Mobility by 7,157.9% in the 3rd 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 in the last quarter. Jefferies Financial Group Inc. purchased a new position in Surf Air Mobility during the third quarter worth $47,000. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of Surf Air Mobility in the third quarter worth $47,000. 17.68% of the stock is currently owned by institutional investors and hedge funds.

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.