Sudhin Shahani, a director at Surf Air Mobility Inc. (NYSE:SRFM), has increased his holdings in the company by purchasing 17,237 shares of common stock. The transaction, which took place on December 23, 2024, was executed at a weighted average price of $3.43 per share. This acquisition translates to a total investment of approximately $59,122. According to InvestingPro data, the stock has since risen significantly, trading at $5.49, representing a 66% gain in the past week.
According to the filing, the shares were acquired in multiple transactions at prices ranging from $3.35 to $3.50 per share. Following this purchase, Shahani now holds a total of 360,877 shares in the company. Notably, this figure reflects a 1-for-7 reverse stock split that Surf Air Mobility implemented on August 19, 2024. InvestingPro analysis reveals the company's market cap stands at $54.4 million, with 13 additional key insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, Surf Air Mobility reported a significant revenue growth of nearly 200% over the past year, despite facing operational challenges and a substantial debt burden. The company recently appointed Deanna White as its permanent CEO and COO, and David Anderman, former SpaceX counsel, to its board of directors. In analyst notes, Canaccord Genuity (TSX:CF) raised the price target for Surf Air Mobility to $4.00 from $2.20, maintaining a Hold rating on the stock.
Surf Air Mobility failed to meet the revenue targets necessary for the first tranche of its management incentive bonus plan, resulting in no payouts for this period. The company also issued 446,830 shares of common stock to Palantir Technologies (NASDAQ:PLTR) in exchange for approximately $2.0 million worth of in-kind services.
These are among the recent developments at Surf Air Mobility, which continues to work towards certifying electric powertrain technology for enhanced safety, efficiency, and reduced emissions in regional air mobility. The company is also developing an AI-powered airline software, SurfOS, in collaboration with Palantir.
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