Surf Air Mobility Stock Scheduled to Reverse Split on Monday, August 19th (NYSE:SRFM)

Surf Air Mobility Inc. (NYSE:SRFM) shares are going to reverse split on Monday, August 19th. The 1-7 reverse split was announced on Friday, August 9th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, August 16th.

Surf Air Mobility Stock Performance

Shares of SRFM opened at $0.36 on Thursday. Surf Air Mobility has a 1 year low of $0.22 and a 1 year high of $2.50. The firm has a fifty day moving average of $0.34 and a 200-day moving average of $0.61. The company has a market cap of $31.97 million and a price-to-earnings ratio of -0.06.

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

Analyst Upgrades and Downgrades

SRFM has been the topic of several recent analyst reports. Canaccord Genuity Group reaffirmed a “hold” rating and set a $1.00 target price (down previously from $2.50) on shares of Surf Air Mobility in a research note on Wednesday, May 15th. Sanford C. Bernstein restated a “market perform” rating and set a $0.40 price objective (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 decreased their target price for the company from $2.50 to $1.00 in a research report on Wednesday, May 15th.

Institutional Investors Weigh In On Surf Air Mobility

An institutional investor recently raised its position in Surf Air Mobility stock. Ieq Capital LLC boosted its stake in shares of Surf Air Mobility Inc. (NYSE:SRFM) by 75.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,762 shares of the company’s stock after buying an additional 15,755 shares during the period. Ieq Capital LLC’s holdings in Surf Air Mobility were worth $57,000 at the end of the most recent reporting period. 17.68% of the stock is currently owned by hedge funds and other institutional investors.

Surf Air Mobility Company Profile

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.