Palantir Technologies (NYSE:PLTR) Inc., known for its specialized software services, has recently sold shares of Surf Air Mobility Inc. (OTCMKTS:SRFM), an air transportation company. The transactions, which took place over several days, resulted in a total sale value exceeding $29,000.
The sales occurred on September 12, 13, and 16, with Palantir Technologies disposing of a total of 20,104 shares of Surf Air Mobility. On September 12, the company sold 8,300 shares at a weighted average price of $1.4965, with prices ranging from $1.41 to $1.55. Following this transaction, Palantir Technologies' holdings decreased to 1,515,122 shares.
The subsequent sale on September 13 involved 5,131 shares at an average price of $1.4929, with individual sale prices fluctuating between $1.43 and $1.53. This left the company with 1,509,991 shares. The final recorded transaction on September 16 saw the sale of 6,673 shares at an average of $1.3456, within a price range of $1.26 to $1.47, reducing the total shares owned to 1,503,318.
These transactions reflect changes in Palantir Technologies' investment portfolio and provide insights into the company's strategic financial moves. The sales were executed in multiple open market transactions, and the prices reported are based on the weighted average of the sales within the specified price ranges.
Investors and interested parties should note that the reported figures account for a 1-for-7 reverse stock split by Surf Air Mobility that took place on August 19, 2024. This split is reflected in the number of securities beneficially owned by Palantir Technologies as reported in the filing.
The disclosed sales offer a glimpse into the trading activities of major shareholders in publicly traded companies, highlighting the dynamic nature of the stock market and investment strategies.
In other recent news, Surf Air Mobility Inc has been the focus of several significant developments. The company has implemented a 1-for-7 reverse stock split, reducing the number of outstanding shares to approximately 12,826,529. This move was followed by a revised stock target of $2.20 by Canaccord Genuity, which maintained a Hold rating on Surf Air Mobility shares due to near-term uncertainties.
The company also issued 4,856,727 shares of common stock to Palantir Technologies, valued at $2 million, in exchange for services rendered. On the personnel front, Surf Air Mobility announced the appointment of Jim Sullivan as President of Air Mobility, and the resignation of director Stan Little, who will continue as a Special Advisor.
Piper Sandler sustained its Overweight rating and $3.00 stock price target for Surf Air Mobility, despite slightly lowering its full-year 2024 estimates due to unexpected fleet maintenance. The firm, however, raised its EBITDA projections, attributing this to effective cost-reduction initiatives by the company. These are among the recent developments for Surf Air Mobility.
InvestingPro Insights
As Palantir Technologies Inc . adjusts its investment portfolio by selling shares of Surf Air Mobility Inc. (OTCMKTS:SRFM), investors may benefit from considering the current financial health and market performance of SRFM. According to InvestingPro data, Surf Air Mobility has a market capitalization of $18.98 million, which reflects the size of the company in the financial markets. Notably, the company's revenue has experienced a significant uptick, with a growth rate of 392.91% over the last twelve months as of Q2 2024. This aligns with one of the InvestingPro Tips indicating that analysts anticipate sales growth in the current year for SRFM.
Despite the revenue growth, Surf Air Mobility's current financials reveal some challenges. The company's P/E ratio stands at -0.06, suggesting that it may not be generating sufficient profit relative to its share price. This is further underscored by an adjusted operating income margin of -153.18%, indicating that the company's expenses far exceed its revenue. Additionally, the price of SRFM's stock has seen a significant decline, with a 90.89% drop in the one-year total return as of the same date, which is consistent with the InvestingPro Tip highlighting the stock's poor performance over the last month and extending over longer timeframes.
Investors looking for a deeper analysis of Surf Air Mobility's financials and market performance can find over 16 additional InvestingPro Tips at https://www.investing.com/pro/SRFM. These tips provide a comprehensive view of the company's debt burden, cash burn rate, and liquidity concerns, which are crucial for making informed investment decisions.
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