SurgePays (NASDAQ:SURG) Price Target Raised to $9.50 at Ascendiant Capital Markets

SurgePays (NASDAQ:SURG) had its price objective lifted by Ascendiant Capital Markets from $9.00 to $9.50 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

Separately, Wall Street Zen upgraded SurgePays from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $9.50.

SurgePays Trading Up 3.4%

SURG opened at $2.71 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.11 and a debt-to-equity ratio of 101.87. The stock has a market cap of $55.37 million, a PE ratio of -1.09 and a beta of 0.43. The business has a 50 day moving average of $2.73 and a 200-day moving average of $2.72. SurgePays has a 52 week low of $1.05 and a 52 week high of $3.47.

SurgePays (NASDAQ:SURG) last announced its earnings results on Wednesday, August 13th. The medical equipment provider reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.05). SurgePays had a negative net margin of 133.85% and a negative return on equity of 333.87%. The business had revenue of $11.52 million for the quarter, compared to the consensus estimate of $16.14 million. SurgePays has set its FY 2025 guidance at EPS. Equities research analysts predict that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SurgePays

Several large investors have recently bought and sold shares of SURG. D.A. Davidson & CO. purchased a new position in SurgePays in the 1st quarter worth about $25,000. Goldman Sachs Group Inc. bought a new stake in shares of SurgePays in the first quarter worth approximately $28,000. Baader Bank Aktiengesellschaft bought a new stake in shares of SurgePays in the first quarter worth approximately $35,000. Jane Street Group LLC purchased a new position in shares of SurgePays during the second quarter valued at approximately $42,000. Finally, Ethos Financial Group LLC purchased a new position in shares of SurgePays during the first quarter valued at approximately $57,000. 6.94% of the stock is currently 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.