Lake Street Capital Initiates Coverage on Blade Air Mobility (NASDAQ:BLDE)

Lake Street Capital initiated coverage on shares of Blade Air Mobility (NASDAQ:BLDE) in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $6.50 target price on the stock.

Separately, JPMorgan Chase & Co. boosted their price target on shares of Blade Air Mobility from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th.

Blade Air Mobility Price Performance

Shares of BLDE opened at $3.38 on Wednesday. Blade Air Mobility has a 1-year low of $2.45 and a 1-year high of $5.17. The stock has a market cap of $264.70 million, a PE ratio of -4.90 and a beta of 1.14. The firm has a fifty day moving average price of $3.95 and a 200 day moving average price of $3.66.

Insider Activity

In other news, CFO William A. Heyburn sold 103,670 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $5.02, for a total value of $520,423.40. Following the completion of the sale, the chief financial officer now directly owns 1,223,120 shares of the company’s stock, valued at approximately $6,140,062.40. This represents a 7.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Melissa M. Tomkiel sold 22,486 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.01, for a total transaction of $112,654.86. Following the completion of the sale, the general counsel now directly owns 1,039,140 shares of the company’s stock, valued at $5,206,091.40. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 165,441 shares of company stock valued at $830,289. Insiders own 18.00% of the company’s stock.

Institutional Investors Weigh In On Blade Air Mobility

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. raised its holdings in shares of Blade Air Mobility by 66,255.0% in the fourth quarter. Sunbelt Securities Inc. now owns 13,271 shares of the company’s stock valued at $58,000 after buying an additional 13,251 shares during the last quarter. Connective Capital Management LLC acquired a new position in shares of Blade Air Mobility during the fourth quarter worth about $434,000. Squarepoint Ops LLC increased its stake in shares of Blade Air Mobility by 38.5% during the fourth quarter. Squarepoint Ops LLC now owns 44,305 shares of the company’s stock worth $188,000 after acquiring an additional 12,311 shares during the period. ProShare Advisors LLC increased its stake in shares of Blade Air Mobility by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 16,341 shares of the company’s stock worth $69,000 after acquiring an additional 5,377 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in shares of Blade Air Mobility by 46.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,081,180 shares of the company’s stock worth $4,595,000 after acquiring an additional 342,250 shares during the period. 47.36% of the stock is owned by hedge funds and other institutional investors.

About Blade Air Mobility

Blade Air Mobility, Inc provides air transportation alternatives to the congested ground routes in the United States. It provides its services through charter and by-the-seat flights using helicopters, jets, turboprops, and amphibious seaplanes. The company was founded in 2014 and is headquartered in New York, New York.