Surf Air Mobility Inc.’s Quiet Period To Expire on September 5th (NYSE:SRFM)

Posted by Defense World Staff on Aug 29th, 2023

Surf Air Mobility’s (NYSE:SRFM – Get Free Report) quiet period is set to end on Tuesday, September 5th. Surf Air Mobility had issued 20,423,622 shares in its public offering on July 27th. The total size of the offering was $408,472,440 based on an initial share price of $20.00. During Surf Air Mobility’s quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Sanford C. Bernstein assumed coverage on Surf Air Mobility in a research report on Tuesday, August 22nd. They set an “outperform” rating and a $3.62 price objective for the company. Canaccord Genuity Group initiated coverage on Surf Air Mobility in a report on Monday. They issued a “buy” rating and a $3.00 target price for the company. Finally, Canaccord Genuity Group initiated coverage on Surf Air Mobility in a report on Monday. They issued a “buy” rating and a $3.00 target price for the company.

Read Our Latest Report on SRFM

Surf Air Mobility Stock Up 6.7 %

Surf Air Mobility stock opened at $1.43 on Tuesday. Surf Air Mobility has a 12 month low of $1.10 and a 12 month high of $5.00.

Insiders Place Their Bets

In other news, Director Edward A. Mady sold 54,914 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $2.05, for a total value of $112,573.70. Following the transaction, the director now directly owns 95,784 shares in the company, valued at approximately $196,357.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

About Surf Air Mobility

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Surf Air Mobility Inc operates as an electric aviation and air travel company in the United States. It offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties; and air cargo services. The company is headquartered in Hawthorne, California.