Surf Air Mobility Inc. (NYSE:SRFM) Sees Large Increase in Short Interest

Surf Air Mobility Inc. (NYSE:SRFM) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 777,900 shares, an increase of 59.5% from the November 30th total of 487,700 shares. Based on an average daily trading volume, of 941,800 shares, the short-interest ratio is presently 0.8 days. Approximately 7.1% of the company’s shares are sold short.

Surf Air Mobility Stock Performance

Shares of NYSE SRFM opened at $5.61 on Monday. The business’s 50-day simple moving average is $2.92 and its 200-day simple moving average is $2.28. Surf Air Mobility has a 52 week low of $0.90 and a 52 week high of $11.83. The firm has a market cap of $87.00 million, a price-to-earnings ratio of -0.35 and a beta of 3.30.

Insiders Place Their Bets

In related news, Director Sudhin Shahani purchased 17,237 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was acquired at an average cost of $3.43 per share, for a total transaction of $59,122.91. Following the completion of the acquisition, the director now owns 360,877 shares in the company, valued at $1,237,808.11. This trade represents a 5.02 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Palantir Technologies Inc. acquired 1,270,869 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was bought at an average price of $1.25 per share, for a total transaction of $1,588,586.25. Following the purchase, the insider now owns 2,730,166 shares in the company, valued at approximately $3,412,707.50. This trade represents a 87.09 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 8.10% of the company’s stock.

Hedge Funds Weigh In On Surf Air Mobility

An institutional investor recently bought a new position in Surf Air Mobility stock. Gordian Capital Singapore Pte Ltd purchased a new stake in Surf Air Mobility Inc. (NYSE:SRFM) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 23,059 shares of the company’s stock, valued at approximately $31,000. Gordian Capital Singapore Pte Ltd owned about 0.18% of Surf Air Mobility as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 17.68% of the company’s stock.

Analyst Ratings Changes

Separately, Canaccord Genuity Group upped their price target on shares of Surf Air Mobility from $2.20 to $4.00 and gave the stock a “hold” rating in a research note on Friday, December 13th.

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.