Ascendiant Capital Markets Increases SurgePays (NASDAQ:SURG) Price Target to $9.75

SurgePays (NASDAQ:SURG) had its target price upped by equities research analysts at Ascendiant Capital Markets from $9.50 to $9.75 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Ascendiant Capital Markets’ price objective would indicate a potential upside of 427.03% from the company’s previous close.

A number of other analysts have also weighed in on SURG. Weiss Ratings restated a “sell (d-)” rating on shares of SurgePays in a research note on Monday, December 15th. Wall Street Zen upgraded shares of SurgePays from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.75.

SurgePays Stock Up 13.5%

Shares of NASDAQ:SURG opened at $1.85 on Monday. The stock has a fifty day simple moving average of $2.17 and a two-hundred day simple moving average of $2.60. The stock has a market capitalization of $38.92 million, a price-to-earnings ratio of -0.86 and a beta of 0.44. SurgePays has a 12-month low of $1.05 and a 12-month high of $3.47. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 101.87.

SurgePays (NASDAQ:SURG) last released its earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.21). SurgePays had a negative return on equity of 967.32% and a negative net margin of 83.42%.The company had revenue of $18.68 million during the quarter, compared to analysts’ expectations of $18.12 million. On average, research analysts anticipate that SurgePays will post -1.66 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David Allen May purchased 38,422 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were purchased at an average price of $1.60 per share, with a total value of $61,475.20. Following the acquisition, the director directly owned 158,116 shares in the company, valued at $252,985.60. The trade was a 32.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 30.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. bought a new position in shares of SurgePays during the 1st quarter valued at $28,000. James Investment Research Inc. grew its holdings in shares of SurgePays by 46.2% in the second quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after acquiring an additional 6,000 shares during the period. Ethos Financial Group LLC increased its position in SurgePays by 76.8% during the second quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider’s stock valued at $152,000 after acquiring an additional 21,186 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in SurgePays in the third quarter valued at about $320,000. Finally, NewEdge Advisors LLC boosted its position in SurgePays by 71.1% in the third quarter. NewEdge Advisors LLC now owns 32,500 shares of the medical equipment provider’s stock worth $91,000 after purchasing an additional 13,500 shares during the last quarter. Institutional investors own 6.94% of the company’s stock.

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.