Ascendiant Capital Markets Issues Positive Forecast for SurgePays (NASDAQ:SURG) Stock Price

SurgePays (NASDAQ:SURG) had its target price upped by Ascendiant Capital Markets from $9.50 to $9.75 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the medical equipment provider’s stock.

Other analysts also recently issued research reports about the company. Wall Street Zen raised SurgePays from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings restated a “sell (d-)” rating on shares of SurgePays in a report on Monday, December 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, SurgePays presently has an average rating of “Hold” and an average target price of $9.75.

SurgePays Stock Performance

Shares of NASDAQ:SURG opened at $1.63 on Monday. The firm’s 50 day simple moving average is $2.19 and its 200 day simple moving average is $2.60. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $3.47. The company has a market capitalization of $34.30 million, a price-to-earnings ratio of -0.76 and a beta of 0.45. The company has a debt-to-equity ratio of 101.87, a current ratio of 0.52 and a quick ratio of 0.41.

SurgePays (NASDAQ:SURG) last issued its earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.21). The firm had revenue of $18.68 million during the quarter, compared to the consensus estimate of $18.12 million. SurgePays had a negative net margin of 83.42% and a negative return on equity of 967.32%. As a group, sell-side analysts forecast that SurgePays will post -1.66 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David Allen May purchased 38,422 shares of SurgePays stock in a transaction on Wednesday, December 10th. The stock was purchased at an average price of $1.60 per share, with a total value of $61,475.20. Following the transaction, the director directly owned 158,116 shares in the company, valued at $252,985.60. The trade was a 32.10% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 30.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. bought a new position in SurgePays in the first quarter valued at $28,000. Gerber LLC bought a new position in shares of SurgePays in the 3rd quarter valued at about $38,000. Jane Street Group LLC bought a new position in shares of SurgePays in the 2nd quarter valued at about $42,000. James Investment Research Inc. increased its position in shares of SurgePays by 46.2% in the second quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after acquiring an additional 6,000 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in SurgePays by 46.2% during the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after acquiring an additional 6,000 shares in the last quarter. Institutional investors and hedge funds own 6.94% of the company’s stock.

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.