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

SurgePays (NASDAQ:SURG) had its price target decreased by research analysts at Ascendiant Capital Markets from $9.75 to $5.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock.

Several other analysts also recently commented on the stock. Wall Street Zen raised shares of SurgePays to a “sell” rating in a research report on Saturday, January 3rd. Zacks Research raised shares of SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.00.

SurgePays Stock Up 2.4%

Shares of SURG stock opened at $0.66 on Friday. The company has a market cap of $16.63 million, a price-to-earnings ratio of -0.37 and a beta of 0.54. SurgePays has a 52 week low of $0.46 and a 52 week high of $3.47. The firm has a 50 day moving average of $0.80 and a 200-day moving average of $1.59.

Hedge Funds Weigh In On SurgePays

Large investors have recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new position in shares of SurgePays in the 3rd quarter worth $211,000. Cetera Investment Advisers lifted its holdings in shares of SurgePays by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock worth $141,000 after purchasing an additional 17,200 shares in the last quarter. XTX Topco Ltd bought a new position in shares of SurgePays in the 2nd quarter worth $125,000. Jones Financial Companies Lllp lifted its holdings in shares of SurgePays by 34,091.3% in the 1st quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after purchasing an additional 51,137 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of SurgePays by 71.1% in the 3rd quarter. NewEdge Advisors LLC now owns 32,500 shares of the medical equipment provider’s stock worth $91,000 after purchasing an additional 13,500 shares in the last quarter. 6.94% of the stock is currently 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.