Surf Air Mobility (NYSE:SRFM) Stock Crosses Above 50-Day Moving Average – What’s Next?

Shares of Surf Air Mobility Inc. (NYSE:SRFM) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $0.79 and traded as high as $0.80. Surf Air Mobility shares last traded at $0.7910, with a volume of 877,458 shares.

Analyst Ratings Changes

Several research firms have commented on SRFM. HC Wainwright restated a “buy” rating on shares of Surf Air Mobility in a report on Tuesday, August 11th. Wall Street Zen lowered Surf Air Mobility from a “hold” rating to a “sell” rating in a research note on Monday, August 17th. Canaccord Genuity Group cut their price objective on Surf Air Mobility from $1.50 to $1.00 and set a “hold” rating on the stock in a report on Monday, August 17th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Surf Air Mobility in a report on Thursday, October 22nd. Three 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 stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $2.92.

Surf Air Mobility Price Performance

The stock has a market capitalization of $97.80 million, a price-to-earnings ratio of -0.49 and a beta of 2.51. The business’s 50-day simple moving average is $0.79 and its two-hundred day simple moving average is $1.24.

Surf Air Mobility (NYSE:SRFM) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.11). The business had revenue of $29.51 million for the quarter. As a group, sell-side analysts expect that Surf Air Mobility Inc. will post -0.68 EPS for the current year.

Institutional Investors Weigh In On Surf Air Mobility

Large investors have recently modified their holdings of the stock. Engineers Gate Manager LP grew its position in Surf Air Mobility by 147.4% in the second quarter. Engineers Gate Manager LP now owns 96,389 shares of the company’s stock valued at $112,000 after acquiring an additional 57,423 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Surf Air Mobility during the second quarter valued at approximately $53,000. Parrish Capital LLC acquired a new position in shares of Surf Air Mobility during the second quarter worth $27,000. Bank of New York Mellon Corp acquired a new position in shares of Surf Air Mobility during the first quarter worth $26,000. Finally, J. Derek Lewis & Associates Inc. lifted its position in shares of Surf Air Mobility by 84.3% during the first 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 in the last quarter. Institutional investors and hedge funds 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.