SurgePays Sees Unusually Large Options Volume (NASDAQ:SURG)

SurgePays, Inc. (NASDAQ:SURG) was the target of unusually large options trading activity on Wednesday. Traders bought 2,150 call options on the stock. This represents an increase of approximately 2,656% compared to the typical volume of 78 call options.

Hedge Funds Weigh In On SurgePays

Several large investors have recently bought and sold shares of SURG. Jane Street Group LLC purchased a new stake in SurgePays during the 4th quarter worth about $54,000. XTX Topco Ltd purchased a new stake in SurgePays during the fourth quarter worth approximately $53,000. Northern Trust Corp boosted its holdings in SurgePays by 67.4% in the fourth quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider’s stock valued at $113,000 after purchasing an additional 25,467 shares in the last quarter. Truvestments Capital LLC increased its stake in SurgePays by 20.1% in the fourth quarter. Truvestments Capital LLC now owns 102,002 shares of the medical equipment provider’s stock valued at $182,000 after purchasing an additional 17,056 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in SurgePays by 11.3% during the third quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider’s stock worth $272,000 after purchasing an additional 15,039 shares in the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

SurgePays Stock Performance

Shares of SURG opened at $2.35 on Thursday. SurgePays has a 1 year low of $1.05 and a 1 year high of $4.38. The stock has a market capitalization of $47.38 million, a PE ratio of -2.08 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24. The stock has a 50-day simple moving average of $1.40 and a 200-day simple moving average of $1.62.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.66). SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. The firm had revenue of $9.59 million during the quarter, compared to analysts’ expectations of $8.22 million. On average, analysts predict that SurgePays will post -1.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets reduced their price objective on SurgePays from $9.00 to $8.50 and set a “buy” rating on the stock in a research note on Monday, December 16th.

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.