Sumitomo Mitsui Trust Group Inc. Sells 659,089 Shares of Blade Air Mobility, Inc. (NASDAQ:BLDE)

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Blade Air Mobility, Inc. (NASDAQ:BLDE - Free Report) by 17.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,100,673 shares of the company's stock after selling 659,089 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 3.96% of Blade Air Mobility worth $13,178,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cobblestone Capital Advisors LLC NY purchased a new position in Blade Air Mobility during the 3rd quarter valued at about $35,000. Intech Investment Management LLC acquired a new stake in Blade Air Mobility in the 3rd quarter worth approximately $52,000. SG Americas Securities LLC acquired a new position in shares of Blade Air Mobility during the third quarter worth approximately $52,000. Zacks Investment Management acquired a new position in shares of Blade Air Mobility during the third quarter worth approximately $89,000. Finally, Stifel Financial Corp lifted its holdings in shares of Blade Air Mobility by 18.9% during the third quarter. Stifel Financial Corp now owns 35,755 shares of the company's stock worth $105,000 after buying an additional 5,683 shares during the last quarter. Institutional investors and hedge funds own 47.36% of the company's stock.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. upped their target price on Blade Air Mobility from $5.00 to $6.00 and gave the company an "overweight" rating in a research note on Tuesday, October 29th.

Insider Buying and Selling at Blade Air Mobility

In related news, General Counsel Melissa M. Tomkiel sold 22,135 shares of the firm's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $5.02, for a total value of $111,117.70. Following the transaction, the general counsel now owns 1,061,626 shares in the company, valued at $5,329,362.52. This trade represents a 2.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William A. Heyburn sold 39,285 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.02, for a total value of $197,210.70. Following the completion of the transaction, the chief financial officer now owns 1,336,826 shares in the company, valued at approximately $6,710,866.52. This represents a 2.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 300,633 shares of company stock worth $1,451,838 over the last three months. Company insiders own 17.50% of the company's stock.

Blade Air Mobility Stock Up 4.7 %

NASDAQ:BLDE traded up $0.17 during trading hours on Friday, reaching $3.75. The company had a trading volume of 494,691 shares, compared to its average volume of 653,196. The stock has a 50-day moving average of $4.07 and a two-hundred day moving average of $3.62. Blade Air Mobility, Inc. has a one year low of $2.45 and a one year high of $5.17. The firm has a market capitalization of $293.66 million, a PE ratio of -5.43 and a beta of 1.14.

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.