SurgePays (NASDAQ:SURG) Posts Earnings Results, Beats Estimates By $0.16 EPS

SurgePays (NASDAQ:SURG) released its quarterly earnings results on Friday. The medical equipment provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.16, Zacks reports.

SurgePays Stock Up 14.4%

SURG traded up $0.04 during trading on Friday, hitting $0.28. 289,405,676 shares of the company traded hands, compared to its average volume of 6,009,388. The firm has a market cap of $7.08 million, a P/E ratio of -0.15 and a beta of 0.42. The stock’s fifty day moving average is $0.35 and its 200 day moving average is $0.61. SurgePays has a one year low of $0.20 and a one year high of $3.14.

Institutional Trading of SurgePays

Several hedge funds have recently added to or reduced their stakes in SURG. CIBC Private Wealth Group LLC purchased a new stake in shares of SurgePays during the 3rd quarter worth approximately $211,000. CIBC Bancorp USA Inc. bought a new stake in shares of SurgePays in the third quarter valued at $320,000. Vanguard Group Inc. raised its stake in shares of SurgePays by 5.7% in the third quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock valued at $1,846,000 after buying an additional 35,286 shares during the period. XTX Topco Ltd purchased a new position in shares of SurgePays during the 2nd quarter valued at $125,000. Finally, Cetera Investment Advisers lifted its position in shares of 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 buying an additional 17,200 shares during the last quarter. Institutional investors own 6.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SURG shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Friday, May 22nd. Ascendiant Capital Markets reduced their target price on SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. Finally, Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday. One research 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.50.

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.