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

Shares of Surf Air Mobility Inc. (NYSE:SRFM) 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 closing bell on Friday, August 16th.

Surf Air Mobility Stock Performance

SRFM opened at $0.36 on Thursday. The firm has a market cap of $31.97 million and a P/E ratio of -0.06. The business’s fifty day moving average is $0.34 and its 200-day moving average is $0.61. Surf Air Mobility has a 52-week low of $0.22 and a 52-week high of $2.50.

Surf Air Mobility (NYSE:SRFM) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $29.28 million. On average, research analysts predict that Surf Air Mobility will post -0.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SRFM. Sanford C. Bernstein restated a “market perform” rating and set a $0.40 target price (down from $3.62) on shares of Surf Air Mobility in a research note on Tuesday, May 28th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $1.00 price objective (down from $2.50) on shares of Surf Air Mobility in a research note on Wednesday, May 15th. Finally, Canaccord Genuity Group downgraded Surf Air Mobility from a “buy” rating to a “hold” rating and lowered their target price for the stock from $2.50 to $1.00 in a research note 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 increased its holdings 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 (SEC). 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 quarter. 17.68% of the stock is owned by hedge funds and other institutional investors.

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.