SurgePays (NASDAQ:SURG) Director Acquires $61,475.20 in Stock

SurgePays, Inc. (NASDAQ:SURG) Director David Allen May acquired 38,422 shares of SurgePays stock in a transaction that occurred on Wednesday, December 10th. The stock was purchased at an average cost of $1.60 per share, with a total value of $61,475.20. Following the completion of the purchase, the director owned 158,116 shares in the company, valued at $252,985.60. The trade was a 32.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

SurgePays Trading Down 1.3%

Shares of NASDAQ SURG traded down $0.02 during mid-day trading on Thursday, reaching $1.47. 142,306 shares of the company’s stock were exchanged, compared to its average volume of 103,013. The company has a debt-to-equity ratio of 101.87, a quick ratio of 0.41 and a current ratio of 0.52. The firm has a market capitalization of $30.93 million, a price-to-earnings ratio of -0.69 and a beta of 0.44. The company’s 50-day moving average is $2.35 and its 200-day moving average is $2.67. SurgePays, Inc. has a 52-week low of $1.05 and a 52-week high of $3.47.

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

Analyst Upgrades and Downgrades

SURG has been the subject of a number of recent research reports. Ascendiant Capital Markets lifted their price objective on SurgePays from $9.00 to $9.50 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of SurgePays in a research note on Monday. Finally, Wall Street Zen upgraded SurgePays from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.50.

Institutional Trading of SurgePays

A number of hedge funds have recently made changes to their positions in SURG. Jane Street Group LLC acquired a new stake in shares of SurgePays in the second quarter worth about $42,000. Gerber LLC bought a new stake in SurgePays in the third quarter valued at about $38,000. Goldman Sachs Group Inc. bought a new position in shares of SurgePays during the 1st quarter worth approximately $28,000. NewEdge Advisors LLC grew its holdings in shares of SurgePays by 46.2% in the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after purchasing an additional 6,000 shares during the last quarter. Finally, James Investment Research Inc. increased its holdings in shares of SurgePays by 46.2% during the second quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after buying an additional 6,000 shares in the last quarter. 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.