SurgePays (NASDAQ:SURG) Price Target Raised to $8.75

SurgePays (NASDAQ:SURG) had its price objective lifted by Ascendiant Capital Markets from $8.50 to $8.75 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

SurgePays Stock Up 22.8 %

Shares of SURG opened at $3.23 on Tuesday. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $1.82 and a two-hundred day moving average price of $1.74. The stock has a market cap of $65.93 million, a price-to-earnings ratio of -2.86 and a beta of 0.57. SurgePays has a 12 month low of $1.05 and a 12 month high of $4.38.

SurgePays (NASDAQ:SURG) last posted its earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) EPS for the quarter, missing the consensus estimate 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 company had revenue of $9.59 million for the quarter, compared to the consensus estimate of $8.22 million. Equities analysts predict that SurgePays will post -1.66 EPS for the current fiscal year.

Hedge Funds Weigh In On SurgePays

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake 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 buying an additional 15,039 shares during the last quarter. Virtu Financial LLC bought a new stake in SurgePays during the 3rd quarter worth approximately $25,000. Truvestments Capital LLC increased its holdings in SurgePays by 20.1% during the 4th 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 in the last quarter. Renaissance Technologies LLC raised its position in SurgePays by 43.6% in the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock valued at $88,000 after purchasing an additional 15,000 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in SurgePays in the fourth quarter worth $53,000. 6.94% of the stock is owned by 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.