Ascendiant Capital Markets Lowers SurgePays (NASDAQ:SURG) Price Target to $8.50

SurgePays (NASDAQ:SURG) had its price objective lowered by analysts at Ascendiant Capital Markets from $9.00 to $8.50 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Ascendiant Capital Markets’ target price indicates a potential upside of 374.86% from the stock’s previous close.

SurgePays Stock Up 4.1 %

SURG stock opened at $1.79 on Monday. SurgePays has a one year low of $1.33 and a one year high of $9.23. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24. The firm’s fifty day moving average is $1.76 and its 200 day moving average is $2.26. The firm has a market cap of $36.09 million, a PE ratio of -1.58 and a beta of 1.01.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.51). The business had revenue of $4.77 million during the quarter, compared to analysts’ expectations of $8.64 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, research analysts forecast that SurgePays will post -1.34 EPS for the current year.

Insider Activity at SurgePays

In related news, CFO Anthony George Evers sold 36,666 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $1.86, for a total transaction of $68,198.76. Following the completion of the transaction, the chief financial officer now owns 214,924 shares in the company, valued at $399,758.64. This represents a 14.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin Brian Cox sold 35,180 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $1.82, for a total transaction of $64,027.60. Following the completion of the transaction, the chief executive officer now directly owns 5,770,090 shares in the company, valued at $10,501,563.80. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SurgePays

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of SurgePays by 8.2% in the first quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock worth $1,946,000 after acquiring an additional 38,195 shares during the last quarter. National Bank of Canada FI raised its stake in SurgePays by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock valued at $111,000 after purchasing an additional 12,000 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in 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 purchasing an additional 7,998 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in SurgePays during the 2nd quarter worth $45,000. Finally, Royce & Associates LP purchased a new stake in shares of SurgePays during the third quarter worth $34,000. Institutional investors and hedge funds own 6.94% of the company’s stock.

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.