Zacks Research Upgrades SurgePays (NASDAQ:SURG) to Hold

SurgePays (NASDAQ:SURG) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research firms have also recently commented on SURG. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Monday, December 29th. Wall Street Zen upgraded shares of SurgePays to a “sell” rating in a research report on Saturday, January 3rd. Finally, Ascendiant Capital Markets lifted their target price on shares of SurgePays from $9.50 to $9.75 and gave the company a “buy” rating in a research note on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $9.75.

SurgePays Price Performance

Shares of SurgePays stock opened at $0.78 on Monday. SurgePays has a one year low of $0.75 and a one year high of $3.47. 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 stock has a market cap of $18.30 million, a P/E ratio of -0.36 and a beta of 0.45. The stock’s fifty day moving average is $1.40 and its 200 day moving average is $2.10.

Insider Activity at SurgePays

In related news, Director David Allen May bought 38,422 shares of the stock in a transaction dated Wednesday, December 10th. The shares were purchased at an average price of $1.60 per share, with a total value of $61,475.20. Following the completion of the acquisition, the director owned 158,116 shares of the company’s stock, valued at $252,985.60. This represents a 32.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 30.50% of the company’s stock.

Institutional Trading of SurgePays

Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. bought a new position in shares of SurgePays during the 1st quarter valued at about $28,000. Gerber LLC purchased a new stake in shares of SurgePays in the third quarter worth about $38,000. Jane Street Group LLC bought a new position in SurgePays during the second quarter valued at approximately $42,000. Squarepoint Ops LLC purchased a new position in SurgePays during the 4th quarter valued at approximately $52,000. Finally, NewEdge Advisors LLC grew its holdings in SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after buying an additional 6,000 shares in the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

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.