Nano-Cap Surf Air Mobility Stock Skyrockets As Palantir Boosts Stake: Retail Traders Turn Euphoric
Synopsis
With the latest purchase, Palantir’s stake in Surf Air Mobility climbed to 4.46 million shares, representing a 19.9% stake.
Nano-cap stock Surf Air Mobility Inc. (SRFM) elicited a strongly positive reaction from the retail watchers on the Stocktwits platform.
The increased retail optimism and activity came after artificial intelligence (AI)-powered data analytics company Palantir Technologies (PLTR) disclosed boosting stake in the Hawthrone, California-based regional air mobility platform.
On Stocktwits, retail sentiment toward Surf Air Mobility stock was ‘extremely bullish’ (97/100) by late Tuesday, improving from the ‘neutral’ mood a day ago and hitting the highest level this year. The 24-hour message volume on the stock stream turned ‘extremely high’, soaring by over a whopping 16,000%
Surf Air Mobility stock jumped nearly 90% on Tuesday after Palantir disclosed in a late-Monday filing that it had bought 1.04 million shares of the company on June 18, at $2.07 per share. The filing showed that the Alex Karp-led company received the shares as consideration under a commercial arrangement with Surf Air Mobility in lieu of the former rendering “ordinary course services" to the latter.
With the latest purchase, Palantir’s stake in Surf Air Mobility climbed to 4.46 million shares, representing a 19.9% stake.
Commenting on the development, a retail watcher of Surf Air Mobility said that at this point, Palantir should buy out Surf Air Mobility for $5.
Another user began modeling a billion-dollar valuation for Surf Air Mobility, based on their expectation that the company would be a pure-play AI in the aviation industry and 20% owned by Palantir.
Surf Air Mobility stock gained 14% in Tuesday’s extended trading session. For the year-to-date period, the stock is down about 33%.
Palantir has had aviation tie-ups in the past. As recently as March, the company announced a partnership under which Palantir Foundry and its AIP will be deployed to scale Archer Aviation, Inc.’s (ACHR) aircraft manufacturing capabilities.
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