Geode Capital Management LLC Increases Stock Holdings in SurgePays, Inc. (NASDAQ:SURG)

Geode Capital Management LLC lifted its position in SurgePays, Inc. (NASDAQ:SURG) by 11.3% in the third quarter, HoldingsChannel reports. The firm owned 148,018 shares of the medical equipment provider’s stock after buying an additional 15,039 shares during the period. Geode Capital Management LLC’s holdings in SurgePays were worth $272,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC purchased a new position in SurgePays during the second quarter worth about $45,000. Royce & Associates LP purchased a new position in SurgePays during the third quarter worth about $34,000. Dimensional Fund Advisors LP boosted its stake in SurgePays by 49.0% during the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock worth $78,000 after buying an additional 7,998 shares during the period. Corsair Capital Management L.P. boosted its stake in SurgePays by 50.3% during the third quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock worth $55,000 after buying an additional 10,000 shares during the period. Finally, Truvestments Capital LLC boosted its stake in SurgePays by 23.1% during the third quarter. Truvestments Capital LLC now owns 84,946 shares of the medical equipment provider’s stock worth $156,000 after buying an additional 15,956 shares during the period. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lowered their target price on shares of SurgePays from $9.00 to $8.50 and set a “buy” rating for the company in a research note on Monday, December 16th.

Insider Transactions at SurgePays

In other news, CFO Anthony George Evers sold 36,666 shares of the 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 sale, the chief financial officer now owns 214,924 shares of the company’s stock, valued at approximately $399,758.64. This represents a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin Brian Cox sold 35,180 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $1.82, for a total transaction of $64,027.60. Following the sale, 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 position. The disclosure for this sale can be found here. Corporate insiders own 29.40% of the company’s stock.

SurgePays Trading Down 6.0 %

Shares of SURG stock opened at $1.58 on Tuesday. The firm has a market cap of $31.86 million, a PE ratio of -1.40 and a beta of 1.04. SurgePays, Inc. has a 1-year low of $1.33 and a 1-year high of $9.23. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70. The company has a 50-day moving average of $1.76 and a two-hundred day moving average of $2.01.

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

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.