Blade Air Mobility, Inc. (NASDAQ:BLDE) Sees Significant Decline in Short Interest

Blade Air Mobility, Inc. (NASDAQ:BLDE) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 3,130,000 shares, a drop of 7.9% from the November 15th total of 3,400,000 shares. Approximately 5.6% of the shares of the stock are sold short. Based on an average daily volume of 806,600 shares, the days-to-cover ratio is currently 3.9 days.

Analyst Upgrades and Downgrades

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

Insider Activity at Blade Air Mobility

In other news, General Counsel Melissa M. Tomkiel sold 44,621 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $3.40, for a total value of $151,711.40. Following the transaction, the general counsel now owns 1,173,003 shares of the company’s stock, valued at $3,988,210.20. This represents a 3.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William A. Heyburn sold 23,815 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $5.02, for a total value of $119,551.30. Following the transaction, the chief financial officer now owns 1,376,111 shares of the company’s stock, valued at approximately $6,908,077.22. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,341,584 shares of company stock valued at $7,845,126. 17.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blade Air Mobility

Several hedge funds have recently bought and sold shares of BLDE. ARK Investment Management LLC lifted its position in shares of Blade Air Mobility by 12.0% during the third quarter. ARK Investment Management LLC now owns 7,217,251 shares of the company’s stock worth $21,219,000 after purchasing an additional 774,114 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Blade Air Mobility by 10.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,060,282 shares of the company’s stock valued at $14,130,000 after buying an additional 381,308 shares during the period. Geode Capital Management LLC grew its stake in shares of Blade Air Mobility by 4.0% in the third quarter. Geode Capital Management LLC now owns 1,375,295 shares of the company’s stock worth $4,044,000 after acquiring an additional 52,274 shares in the last quarter. State Street Corp increased its position in shares of Blade Air Mobility by 2.5% during the third quarter. State Street Corp now owns 1,280,842 shares of the company’s stock worth $3,766,000 after acquiring an additional 31,313 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Blade Air Mobility by 24.0% in the second quarter. Dimensional Fund Advisors LP now owns 937,856 shares of the company’s stock valued at $3,264,000 after acquiring an additional 181,630 shares in the last quarter. Institutional investors and hedge funds own 47.36% of the company’s stock.

Blade Air Mobility Stock Down 1.0 %

NASDAQ BLDE traded down $0.04 on Tuesday, reaching $4.08. The stock had a trading volume of 342,209 shares, compared to its average volume of 717,520. The stock has a fifty day moving average price of $3.80 and a two-hundred day moving average price of $3.40. Blade Air Mobility has a 12-month low of $2.45 and a 12-month high of $5.17. The firm has a market capitalization of $319.52 million, a price-to-earnings ratio of -5.97 and a beta of 1.13.

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.