SurgePays (NASDAQ:SURG) Upgraded at Zacks Research

Zacks Research upgraded shares of SurgePays (NASDAQ:SURG) from a strong sell rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. Wall Street Zen upgraded shares of SurgePays to a “sell” rating in a research note on Saturday, January 3rd. Finally, Ascendiant Capital Markets lifted their target price on shares of SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $9.75.

SurgePays Trading Up 3.1%

NASDAQ SURG opened at $0.81 on Monday. SurgePays has a 12 month low of $0.75 and a 12 month high of $3.47. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 101.87. The stock has a 50 day moving average of $1.38 and a 200-day moving average of $2.09. The company has a market cap of $18.87 million, a PE ratio of -0.38 and a beta of 0.45.

Insider Activity at SurgePays

In other SurgePays news, Director David Allen May purchased 38,422 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was bought at an average cost of $1.60 per share, for a total transaction of $61,475.20. Following the completion of the transaction, the director owned 158,116 shares in the company, valued at approximately $252,985.60. This represents a 32.10% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 30.50% of the company’s stock.

Hedge Funds Weigh In On SurgePays

Hedge funds have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC acquired a new position in SurgePays in the 4th quarter valued at $52,000. Gaddis Premier Wealth Advisors LLC bought a new position in shares of SurgePays in the fourth quarter worth $631,000. Millennium Capital Advisors LLC acquired a new position in SurgePays in the fourth quarter valued at about $142,000. CIBC Private Wealth Group LLC acquired a new position in SurgePays in the third quarter valued at about $211,000. Finally, CIBC Bancorp USA Inc. bought a new stake in SurgePays during the third quarter worth about $320,000. Institutional investors own 6.94% of the company’s stock.

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.