SurgePays (NASDAQ:SURG) Cut to “Sell” at Wall Street Zen

SurgePays (NASDAQ:SURG) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Separately, Ascendiant Capital Markets increased their price objective on shares of SurgePays from $8.75 to $9.00 and gave the company a “buy” rating in a research note on Monday, June 16th.

SurgePays Price Performance

Shares of NASDAQ SURG opened at $2.07 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.41 and a debt-to-equity ratio of 101.87. SurgePays has a 1-year low of $1.05 and a 1-year high of $3.47. The firm has a market capitalization of $42.29 million, a P/E ratio of -0.83 and a beta of 0.44. The firm’s 50-day moving average price is $2.90 and its 200-day moving average price is $2.39.

SurgePays (NASDAQ:SURG) last posted its earnings results on Wednesday, August 13th. The medical equipment provider reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.05). The business had revenue of $11.52 million during the quarter, compared to analyst estimates of $16.14 million. SurgePays had a negative return on equity of 333.87% and a negative net margin of 133.85%. Equities research analysts anticipate that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Jane Street Group LLC bought a new position in SurgePays in the 4th quarter worth approximately $54,000. Northern Trust Corp boosted its holdings in SurgePays by 67.4% in the 4th quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider’s stock worth $113,000 after buying an additional 25,467 shares during the period. XTX Topco Ltd purchased a new stake in SurgePays in the 4th quarter worth approximately $53,000. Renaissance Technologies LLC lifted its stake in SurgePays by 43.6% in the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock worth $88,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in SurgePays by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider’s stock worth $278,000 after purchasing an additional 8,097 shares in the last quarter. 6.94% of the stock is owned by institutional investors.

SurgePays Company 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.