SurgePays (NASDAQ:SURG) Stock Rating Upgraded by Wall Street Zen

SurgePays (NASDAQ:SURG) was upgraded by Wall Street Zen to a “sell” rating in a research report issued to clients and investors on Saturday.

SURG has been the topic of a number of other research reports. Ascendiant Capital Markets boosted their price objective on SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Weiss Ratings restated 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 and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.75.

SurgePays Trading Up 2.4%

Shares of NASDAQ SURG opened at $1.71 on Friday. SurgePays has a 12-month low of $1.05 and a 12-month high of $3.47. The company has a market cap of $35.98 million, a price-to-earnings ratio of -0.80, a price-to-earnings-growth ratio of 0.57 and a beta of 0.46. 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’s 50 day simple moving average is $2.01 and its 200 day simple moving average is $2.54.

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

Insider Buying and Selling

In other news, Director David Allen May bought 38,422 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were bought at an average cost 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 approximately $252,985.60. This trade represents a 32.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 30.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On SurgePays

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp increased its holdings in shares of SurgePays by 34,091.3% during 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 during the period. Goldman Sachs Group Inc. acquired a new stake in SurgePays during the first quarter worth about $28,000. James Investment Research Inc. increased its stake in SurgePays by 46.2% during 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 period. Ethos Financial Group LLC raised its holdings in SurgePays by 76.8% in the 2nd quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider’s stock valued at $152,000 after acquiring an additional 21,186 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in SurgePays by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after acquiring an additional 17,200 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.