National Bank of Canada FI Buys 12,000 Shares of SurgePays, Inc. (NASDAQ:SURG)

National Bank of Canada FI increased its stake in SurgePays, Inc. (NASDAQ:SURG) by 50.0% in the second quarter, HoldingsChannel reports. The fund owned 36,000 shares of the medical equipment provider’s stock after purchasing an additional 12,000 shares during the period. National Bank of Canada FI’s holdings in SurgePays were worth $111,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in SurgePays by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock worth $1,946,000 after purchasing an additional 38,195 shares in the last quarter. Truvestments Capital LLC increased its holdings in shares of SurgePays by 3,541.8% during the first quarter. Truvestments Capital LLC now owns 58,123 shares of the medical equipment provider’s stock valued at $224,000 after acquiring an additional 56,527 shares in the last quarter. Privium Fund Management B.V. purchased a new position in shares of SurgePays in the 1st quarter worth about $109,000. Jump Financial LLC grew its position in SurgePays by 44.7% during the 4th quarter. Jump Financial LLC now owns 16,500 shares of the medical equipment provider’s stock valued at $106,000 after purchasing an additional 5,100 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in SurgePays in the fourth quarter worth about $106,000. Hedge funds and other institutional investors own 6.94% of the company’s stock.

SurgePays Price Performance

Shares of NASDAQ:SURG opened at $1.68 on Friday. SurgePays, Inc. has a twelve month low of $1.33 and a twelve month high of $9.23. The firm’s 50 day moving average price is $2.32 and its 200-day moving average price is $3.50. The company has a quick ratio of 6.11, a current ratio of 7.38 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $33.18 million, a PE ratio of 1.46 and a beta of 0.91.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $9.02 million. Equities research analysts expect that SurgePays, Inc. will post -1.06 EPS for the current year.

Insider Activity

In other news, CEO Kevin Brian Cox sold 20,915 shares of SurgePays stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $3.05, for a total value of $63,790.75. Following the transaction, the chief executive officer now directly owns 5,688,046 shares in the company, valued at approximately $17,348,540.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Kevin Brian Cox sold 20,915 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $3.05, for a total value of $63,790.75. Following the transaction, the chief executive officer now owns 5,688,046 shares in the company, valued at approximately $17,348,540.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Anthony George Evers sold 33,334 shares of SurgePays stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total transaction of $51,334.36. Following the transaction, the chief financial officer now directly owns 261,590 shares of the company’s stock, valued at $402,848.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,699 shares of company stock valued at $377,050. 29.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets cut their target price on SurgePays from $9.50 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday.

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.