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

Surf Air Mobility Inc. (NYSE:SRFM) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 779,000 shares, a growth of 57.2% from the September 30th total of 495,600 shares. Approximately 8.6% of the shares of the company are short sold. Based on an average trading volume of 775,300 shares, the days-to-cover ratio is currently 1.0 days.

Surf Air Mobility Stock Performance

Shares of NYSE:SRFM traded down $0.15 during midday trading on Friday, reaching $1.77. 334,805 shares of the company’s stock traded hands, compared to its average volume of 303,302. The company has a fifty day simple moving average of $1.56 and a two-hundred day simple moving average of $2.26. Surf Air Mobility has a 1 year low of $0.90 and a 1 year high of $11.83. The company has a market cap of $22.71 million, a P/E ratio of -0.07 and a beta of 1.53.

Surf Air Mobility (NYSE:SRFM) last posted its quarterly earnings data 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 business had revenue of $32.37 million for the quarter, compared to analyst estimates of $30.15 million. As a group, research analysts forecast that Surf Air Mobility will post -7.07 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, major shareholder Palantir Technologies Inc. bought 1,270,869 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was purchased at an average cost of $1.25 per share, with a total value of $1,588,586.25. Following the acquisition, the insider now directly owns 2,730,166 shares in the company, valued at $3,412,707.50. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 36,551 shares of company stock worth $48,344. Corporate insiders own 8.10% of the company’s stock.

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.