SurgePays (NASDAQ:SURG) Price Target Cut to $3.50 by Analysts at Ascendiant Capital Markets

SurgePays (NASDAQ:SURG) had its price objective cut by investment analysts at Ascendiant Capital Markets from $5.00 to $3.50 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock.

SURG has been the subject of several other research reports. Zacks Research lowered shares of SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, May 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Friday, May 22nd. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $3.50.

SurgePays Price Performance

Shares of NASDAQ SURG opened at $0.50 on Wednesday. SurgePays has a 1-year low of $0.46 and a 1-year high of $3.45. The business’s 50 day moving average is $0.60 and its two-hundred day moving average is $1.08. The stock has a market capitalization of $12.56 million, a P/E ratio of -0.26 and a beta of 0.31.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings data on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The company had revenue of $15.98 million during the quarter, compared to the consensus estimate of $15.50 million. SurgePays had a negative net margin of 64.91% and a negative return on equity of 967.32%. As a group, equities research analysts anticipate that SurgePays will post -0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SurgePays

A number of institutional investors have recently modified their holdings of SURG. Cetera Investment Advisers raised its stake in shares of SurgePays by 43.5% during the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after acquiring an additional 20,000 shares in the last quarter. Gaddis Premier Wealth Advisors LLC grew its position in shares of SurgePays by 16.0% during the 1st quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock worth $329,000 after buying an additional 60,363 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of SurgePays during the 4th quarter worth $52,000. Millennium Capital Advisors LLC purchased a new position in shares of SurgePays during the fourth quarter valued at $142,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of SurgePays in the third quarter valued at about $211,000. 6.94% of the stock is owned by hedge funds and other 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.