SurgePays (NASDAQ:SURG) Price Target Raised to $9.75

SurgePays (NASDAQ:SURG) had its target price lifted by Ascendiant Capital Markets from $9.50 to $9.75 in a research report sent to investors on Monday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the medical equipment provider’s stock.

A number of other research firms have also recently weighed in on SURG. Wall Street Zen raised SurgePays from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Weiss Ratings restated a “sell (d-)” rating on shares of SurgePays in a research report on Monday, December 15th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.75.

SurgePays Stock Performance

Shares of SURG opened at $1.82 on Monday. The firm has a fifty day moving average of $2.16 and a 200-day moving average of $2.59. The company has a market cap of $38.19 million, a price-to-earnings ratio of -0.85 and a beta of 0.44. The company has a debt-to-equity ratio of 101.87, a quick ratio of 0.41 and a current ratio of 0.52. SurgePays has a 1 year low of $1.05 and a 1 year high of $3.47.

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

Insiders Place Their Bets

In other news, Director David Allen May bought 38,422 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was purchased at an average cost of $1.60 per share, for a total transaction of $61,475.20. Following the completion of the transaction, the director directly owned 158,116 shares of the company’s stock, valued at approximately $252,985.60. This trade represents a 32.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 30.50% of the stock is owned by company insiders.

Institutional Trading of SurgePays

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. acquired a new stake in shares of SurgePays in the first quarter valued at $28,000. Gerber LLC acquired a new stake in SurgePays in the 3rd quarter valued at about $38,000. Jane Street Group LLC acquired a new stake in SurgePays in the 2nd quarter valued at about $42,000. James Investment Research Inc. boosted its position in shares of SurgePays by 46.2% during the 2nd quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after purchasing an additional 6,000 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after purchasing an additional 6,000 shares in 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.