SurgePays (NASDAQ:SURG) Price Target Cut to $9.00

SurgePays (NASDAQ:SURG) had its price target lowered by Ascendiant Capital Markets from $9.50 to $9.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock.

SurgePays Price Performance

Shares of SURG stock opened at $1.47 on Wednesday. The firm’s 50-day moving average is $2.35 and its two-hundred day moving average is $3.57. SurgePays has a 12 month low of $1.33 and a 12 month high of $9.23. The company has a debt-to-equity ratio of 0.07, a current ratio of 7.38 and a quick ratio of 6.11. The company has a market capitalization of $28.54 million, a PE ratio of 1.28 and a beta of 0.91.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results on Tuesday, August 13th. The medical equipment provider reported ($0.66) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.49). The firm had revenue of $15.09 million for the quarter, compared to analysts’ expectations of $9.02 million. SurgePays had a negative net margin of 1.36% and a negative return on equity of 3.97%. Analysts predict that SurgePays will post -1.06 earnings per share for the current year.

Insider Buying and Selling

In other SurgePays news, CEO Kevin Brian Cox sold 20,915 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $3.05, for a total value of $63,790.75. Following the transaction, the chief executive officer now owns 5,688,046 shares of the company’s stock, valued at $17,348,540.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other SurgePays news, CEO Kevin Brian Cox sold 20,915 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $3.05, for a total value of $63,790.75. Following the sale, the chief executive officer now owns 5,688,046 shares of the company’s stock, valued at $17,348,540.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony George Evers sold 33,334 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.54, for a total value of $51,334.36. Following the transaction, the chief financial officer now owns 261,590 shares of the company’s stock, valued at $402,848.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 163,699 shares of company stock valued at $377,050. 29.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SurgePays

Several large investors have recently added to or reduced their stakes in the business. Jump Financial LLC grew its stake in shares of SurgePays by 44.7% in the fourth quarter. Jump Financial LLC now owns 16,500 shares of the medical equipment provider’s stock worth $106,000 after acquiring an additional 5,100 shares in the last quarter. Victory Capital Management Inc. purchased a new position in SurgePays in the fourth quarter valued at $106,000. Vanguard Group Inc. grew its stake in SurgePays by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock worth $1,946,000 after purchasing an additional 38,195 shares in the last quarter. Oxford Asset Management LLP purchased a new stake in SurgePays during the 4th quarter worth about $71,000. Finally, Truvestments Capital LLC raised its position in SurgePays by 3,541.8% in the 1st quarter. Truvestments Capital LLC now owns 58,123 shares of the medical equipment provider’s stock valued at $224,000 after purchasing an additional 56,527 shares in the last quarter. 6.94% of the stock is owned by hedge funds and other institutional investors.

About SurgePays

SurgePays, Inc, together with its subsidiaries, operates as a financial technology and telecom company in the United States. It operates through three segments: Mobile Virtual Network Operators, Comprehensive Platform Services, and Lead Generation. The company offers subsidized and non-subsidized mobile virtual network operators for internet connectivity through mobile broadband services to consumers; ACH banking relationships and fintech transactions platform to convenience stores; wireless top-up transactions and wireless product aggregation; and lead generation and case management solutions primarily to law firms in the mass tort industry, as well as call center activities.