Short Interest in Surf Air Mobility Inc. (NYSE:SRFM) Decreases By 26.2%

Surf Air Mobility Inc. (NYSE:SRFM) saw a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 1,520,000 shares, a decrease of 26.2% from the June 30th total of 2,060,000 shares. Based on an average daily volume of 846,700 shares, the short-interest ratio is presently 1.8 days. Currently, 2.4% of the company’s stock are short sold.

Surf Air Mobility Stock Performance

Shares of NYSE SRFM traded up $0.01 during mid-day trading on Friday, reaching $0.32. 223,779 shares of the company traded hands, compared to its average volume of 403,391. The company’s fifty day moving average is $0.35 and its two-hundred day moving average is $0.70. Surf Air Mobility has a fifty-two week low of $0.22 and a fifty-two week high of $5.00. The stock has a market cap of $26.45 million and a PE ratio of -0.05.

Surf Air Mobility (NYSE:SRFM) last announced its earnings results on Tuesday, May 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.07). The business had revenue of $30.62 million during the quarter, compared to analysts’ expectations of $29.28 million. Research analysts forecast that Surf Air Mobility will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Surf Air Mobility stock. Ieq Capital LLC raised its holdings in Surf Air Mobility Inc. (NYSE:SRFM) by 75.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,762 shares of the company’s stock after buying an additional 15,755 shares during the quarter. Ieq Capital LLC’s holdings in Surf Air Mobility were worth $57,000 at the end of the most recent quarter. 17.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SRFM. Canaccord Genuity Group reiterated a “hold” rating and set a $1.00 price target (down from $2.50) on shares of Surf Air Mobility in a report on Wednesday, May 15th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $0.40 target price (down from $3.62) on shares of Surf Air Mobility in a research note on Tuesday, May 28th. Finally, Canaccord Genuity Group lowered shares of Surf Air Mobility from a “buy” rating to a “hold” rating and dropped their price target for the stock from $2.50 to $1.00 in a research note on Wednesday, May 15th.

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.