SurgePays (NASDAQ:SURG) Announces Quarterly Earnings Results

SurgePays (NASDAQ:SURG – Get Rating) posted its quarterly earnings data on Monday. The medical equipment provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06), MarketWatch Earnings reports. SurgePays updated its FY 2022 guidance to EPS.

SURG stock opened at $3.66 on Tuesday. SurgePays has a 1-year low of $1.76 and a 1-year high of $9.00. The business’s 50 day simple moving average is $3.76 and its 200 day simple moving average is $3.02. The company has a current ratio of 1.39, a quick ratio of 0.95 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $44.10 million and a PE ratio of -2.56.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC bought a new stake in shares of SurgePays during the 4th quarter worth about $52,000. Citadel Advisors LLC acquired a new position in shares of SurgePays in the fourth quarter valued at approximately $27,000. Susquehanna International Group LLP bought a new stake in SurgePays in the 4th quarter valued at $67,000. Virtu Financial LLC bought a new position in SurgePays during the 4th quarter worth $42,000. Finally, Northern Trust Corp acquired a new stake in shares of SurgePays during the first quarter worth $56,000. Institutional investors own 4.62% of the company’s stock.

Several research analysts have weighed in on SURG shares. Ascendiant Capital Markets started coverage on SurgePays in a research note on Monday, January 24th. They set a “buy” rating and a $7.00 price objective on the stock. Maxim Group lifted their price objective on shares of SurgePays from $6.00 to $8.00 in a research report on Monday, March 28th.

About SurgePays (Get Rating)

SurgePays, Inc, a financial technology and telecommunications company, provides services to the underbanked community in the United States. Its blockchain platform utilizes a suite of financial and prepaid products to convert corner stores and bodegas into tech-hubs for underbanked neighborhoods. The company offers voice and SMS text messaging services to subsidized and direct retail prepaid customers, as well as to low-income consumers.

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