Insider Buying: SurgePays (NASDAQ:SURG) Director Acquires $18,399.48 in Stock

SurgePays, Inc. (NASDAQ:SURG) Director David Allen May bought 34,716 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average price of $0.53 per share, with a total value of $18,399.48. Following the transaction, the director directly owned 156,626 shares in the company, valued at $83,011.78. This represents a 28.48% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

David Allen May also recently made the following trade(s):

• On Thursday, June 4th, David Allen May bought 121 shares of SurgePays stock. The shares were purchased at an average price of $0.53 per share, with a total value of $64.13.
• On Wednesday, June 3rd, David Allen May bought 5,413 shares of SurgePays stock. The shares were purchased at an average price of $0.53 per share, with a total value of $2,868.89.

SurgePays Price Performance

Shares of NASDAQ:SURG opened at $0.47 on Monday. SurgePays, Inc. has a 12 month low of $0.46 and a 12 month high of $3.45. The company’s 50-day moving average price is $0.61 and its two-hundred day moving average price is $1.10. The firm has a market cap of $11.81 million, a P/E ratio of -0.24 and a beta of 0.31.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC acquired a new position in SurgePays during the 3rd quarter valued at about $211,000. CIBC Bancorp USA Inc. acquired a new position in SurgePays during the 3rd quarter valued at about $320,000. NewEdge Advisors LLC lifted its position in SurgePays by 71.1% during the 3rd quarter. NewEdge Advisors LLC now owns 32,500 shares of the medical equipment provider’s stock valued at $91,000 after purchasing an additional 13,500 shares during the period. XTX Topco Ltd acquired a new position in SurgePays during the 2nd quarter valued at about $125,000. Finally, Cetera Investment Advisers lifted its position in SurgePays by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after purchasing an additional 17,200 shares during the period. 6.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Ascendiant Capital Markets decreased their price objective on shares of SurgePays from $9.75 to $5.00 and set a “buy” rating on the stock in a report on Friday, April 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. Finally, Zacks Research lowered shares of SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $5.00.

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.