SurgePays (NASDAQ:SURG) PT Lowered to $9.00 at Ascendiant Capital Markets

SurgePays (NASDAQ:SURG) had its target price dropped by stock analysts at Ascendiant Capital Markets from $9.50 to $9.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the medical equipment provider’s stock.

SurgePays Trading Down 0.7 %

Shares of SurgePays stock opened at $1.47 on Wednesday. The company has a current ratio of 7.38, a quick ratio of 6.11 and a debt-to-equity ratio of 0.07. The company has a fifty day simple moving average of $2.35 and a 200-day simple moving average of $3.57. The stock has a market cap of $28.54 million, a price-to-earnings ratio of 1.28 and a beta of 0.91. SurgePays has a 12-month low of $1.33 and a 12-month high of $9.23.

SurgePays (NASDAQ:SURG) last released its quarterly earnings data on Tuesday, August 13th. The medical equipment provider reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.49). SurgePays had a negative net margin of 1.36% and a negative return on equity of 3.97%. The company had revenue of $15.09 million during the quarter, compared to analyst estimates of $9.02 million. On average, equities analysts forecast that SurgePays will post -1.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kevin Brian Cox sold 35,100 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.48, for a total value of $51,948.00. Following the completion of the sale, the chief executive officer now directly owns 5,786,012 shares of the company’s stock, valued at $8,563,297.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SurgePays news, CEO Kevin Brian Cox sold 35,100 shares of SurgePays stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.48, for a total value of $51,948.00. Following the transaction, the chief executive officer now directly owns 5,786,012 shares in the company, valued at $8,563,297.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Anthony George Evers sold 33,334 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.54, for a total transaction of $51,334.36. Following the sale, the chief financial officer now owns 261,590 shares of the company’s stock, valued at approximately $402,848.60. The disclosure for this sale can be found here. Insiders have sold a total of 163,699 shares of company stock valued at $377,050 over the last quarter. Company insiders own 29.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SURG. Oxford Asset Management LLP acquired a new position in shares of SurgePays during the fourth quarter worth about $71,000. Renaissance Technologies LLC acquired a new position in SurgePays during the 2nd quarter worth approximately $45,000. Victory Capital Management Inc. acquired a new position in SurgePays during the 4th quarter worth approximately $106,000. Jump Financial LLC raised its stake in shares of SurgePays by 44.7% during the 4th quarter. Jump Financial LLC now owns 16,500 shares of the medical equipment provider’s stock worth $106,000 after buying an additional 5,100 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of SurgePays by 49.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after buying an additional 7,998 shares during the period. Institutional investors and hedge funds 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.