Surf Air Mobility Inc. (NYSE:SRFM) Sees Significant Decrease in Short Interest

Surf Air Mobility Inc. (NYSE:SRFM) saw a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 1,080,000 shares, a decline of 21.7% from the March 31st total of 1,380,000 shares. Based on an average daily volume of 449,600 shares, the days-to-cover ratio is presently 2.4 days. Currently, 1.8% of the shares of the company are sold short.

Institutional Trading of Surf Air Mobility

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in shares of Surf Air Mobility during the third quarter worth $38,000. Ieq Capital LLC bought a new stake in shares of Surf Air Mobility in the third quarter valued at about $34,000. Institutional Venture Management XV LLC acquired a new position in shares of Surf Air Mobility during the third quarter worth about $824,000. Rathbones Group PLC acquired a new position in shares of Surf Air Mobility during the third quarter worth about $1,846,000. Finally, Palantir Technologies Inc. acquired a new stake in Surf Air Mobility in the 3rd quarter valued at approximately $3,294,000. Institutional investors and hedge funds own 17.68% of the company’s stock.

Surf Air Mobility Price Performance

Shares of NYSE SRFM remained flat at $0.45 during midday trading on Friday. The stock had a trading volume of 170,507 shares, compared to its average volume of 488,393. The stock has a fifty day simple moving average of $0.84 and a 200-day simple moving average of $1.04. Surf Air Mobility has a one year low of $0.38 and a one year high of $5.00. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.13 and a current ratio of 0.13.

Surf Air Mobility (NYSE:SRFM) last announced its quarterly earnings data on Thursday, March 28th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($1.00). The company had revenue of $26.84 million for the quarter, compared to analyst estimates of $26.19 million. On average, equities research analysts forecast that Surf Air Mobility will post -0.79 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group decreased their price target on shares of Surf Air Mobility from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Monday, April 1st.

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.