Short Interest in Surf Air Mobility Inc. (NYSE:SRFM) Drops By 17.6%

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a significant drop in short interest in October. As of October 31st, there was short interest totalling 641,600 shares, a drop of 17.6% from the October 15th total of 779,000 shares. Currently, 7.1% of the shares of the stock are short sold. Based on an average trading volume of 807,300 shares, the days-to-cover ratio is presently 0.8 days.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group raised their target price on shares of Surf Air Mobility from $1.00 to $2.20 and gave the stock a “hold” rating in a report on Tuesday, August 27th.

Insiders Place Their Bets

In related news, major shareholder Palantir Technologies Inc. purchased 1,270,869 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average cost of $1.25 per share, with a total value of $1,588,586.25. Following the completion of the purchase, the insider now directly owns 2,730,166 shares in the company, valued at approximately $3,412,707.50. This represents a 87.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 36,551 shares of company stock valued at $48,344. 8.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Surf Air Mobility

A hedge fund recently bought a new stake in Surf Air Mobility stock. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Surf Air Mobility Inc. (NYSE:SRFM) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 23,059 shares of the company’s stock, valued at approximately $31,000. Gordian Capital Singapore Pte Ltd owned approximately 0.18% of Surf Air Mobility at the end of the most recent quarter. 17.68% of the stock is currently owned by hedge funds and other institutional investors.

Surf Air Mobility Trading Down 4.7 %

Shares of NYSE SRFM traded down $0.08 during midday trading on Friday, hitting $1.64. The company’s stock had a trading volume of 265,672 shares, compared to its average volume of 298,145. Surf Air Mobility has a 12-month low of $0.90 and a 12-month high of $11.83. The business’s 50 day moving average is $1.71 and its two-hundred day moving average is $2.08. The firm has a market cap of $21.04 million, a P/E ratio of -0.07 and a beta of 0.93.

Surf Air Mobility (NYSE:SRFM) last announced its earnings results on Wednesday, August 14th. The company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.40) by ($0.56). The company had revenue of $32.37 million during the quarter, compared to the consensus estimate of $30.15 million. On average, analysts predict that Surf Air Mobility will post -7.07 earnings per share for the current fiscal year.

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.