Surf Air Mobility (NYSE:SRFM) Announces Earnings Results

Surf Air Mobility (NYSE:SRFM) announced its quarterly earnings data on Thursday. The company reported ($0.16) earnings per share for the quarter, FiscalAI reports. The company had revenue of $36.46 million during the quarter.

Surf Air Mobility Price Performance

Shares of NYSE:SRFM traded down $0.05 during trading on Thursday, reaching $0.69. 2,585,482 shares of the company’s stock traded hands, compared to its average volume of 4,639,379. Surf Air Mobility has a 12 month low of $0.46 and a 12 month high of $3.73. The company has a 50 day moving average of $0.80 and a 200-day moving average of $1.18. The stock has a market capitalization of $85.44 million, a P/E ratio of -0.43 and a beta of 2.65.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wall Street Zen downgraded Surf Air Mobility from a “hold” rating to a “sell” rating in a report on Monday, August 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Surf Air Mobility in a research report on Thursday, October 22nd. HC Wainwright reiterated a “buy” rating on shares of Surf Air Mobility in a report on Tuesday, August 11th. Finally, Canaccord Genuity Group dropped their price target on Surf Air Mobility from $1.50 to $1.00 and set a “hold” rating on the stock in a research report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Surf Air Mobility presently has a consensus rating of “Hold” and an average target price of $2.92.

Hedge Funds Weigh In On Surf Air Mobility

A number of large investors have recently bought and sold shares of SRFM. Balefire LLC acquired a new position in Surf Air Mobility in the first quarter valued at approximately $376,000. J. Derek Lewis & Associates Inc. raised its position in shares of Surf Air Mobility by 84.3% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 293,000 shares of the company’s stock worth $337,000 after purchasing an additional 134,000 shares during the period. Engineers Gate Manager LP raised its position in shares of Surf Air Mobility by 147.4% during the 2nd quarter. Engineers Gate Manager LP now owns 96,389 shares of the company’s stock worth $112,000 after purchasing an additional 57,423 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Surf Air Mobility during the 2nd quarter worth approximately $53,000. Finally, Parrish Capital LLC bought a new stake in shares of Surf Air Mobility in the 2nd quarter worth approximately $27,000. 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.