Northern Trust Corp Raises Stock Holdings in SurgePays, Inc. (NASDAQ:SURG)

Northern Trust Corp raised its position in SurgePays, Inc. (NASDAQ:SURG) by 67.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,269 shares of the medical equipment provider’s stock after buying an additional 25,467 shares during the quarter. Northern Trust Corp owned approximately 0.31% of SurgePays worth $113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SURG. XTX Topco Ltd purchased a new stake in SurgePays in the fourth quarter valued at approximately $53,000. Renaissance Technologies LLC lifted its stake in SurgePays by 43.6% in the fourth quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock valued at $88,000 after buying an additional 15,000 shares during the last quarter. Truvestments Capital LLC lifted 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 buying an additional 17,056 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in SurgePays by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider’s stock valued at $278,000 after buying an additional 8,097 shares during the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on SURG. Ascendiant Capital Markets boosted their target price on SurgePays from $8.50 to $8.75 and gave the company a “buy” rating in a report on Tuesday, April 22nd. Wall Street Zen raised SurgePays from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd.

SurgePays Trading Down 1.0%

NASDAQ:SURG opened at $2.94 on Wednesday. The firm has a market cap of $60.01 million, a P/E ratio of -2.60 and a beta of 0.51. The company has a current ratio of 6.24, a quick ratio of 4.70 and a debt-to-equity ratio of 0.08. The stock’s 50 day simple moving average is $2.69 and its 200-day simple moving average is $1.97. SurgePays, Inc. has a 12-month low of $1.05 and a 12-month high of $4.38.

SurgePays (NASDAQ:SURG) last released its earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.02. The business had revenue of $10.58 million for the quarter, compared to analyst estimates of $9.80 million. SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. During the same quarter in the previous year, the company posted $0.07 earnings per share. Equities analysts anticipate that SurgePays, Inc. will post -1.66 EPS for the current year.

SurgePays Profile

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.