SurgePays Sees Unusually High Options Volume (NASDAQ:SURG)

SurgePays, Inc. (NASDAQ:SURG) saw some unusual options trading activity on Wednesday. Stock investors purchased 2,150 call options on the company. This is an increase of approximately 2,656% compared to the typical volume of 78 call options.

Wall Street Analysts Forecast Growth

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

SurgePays Stock Down 7.2 %

SURG opened at $2.18 on Friday. The company has a market capitalization of $43.95 million, a PE ratio of -1.93 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $4.38. The business has a 50-day moving average of $1.41 and a 200-day moving average of $1.62.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.66). The business had revenue of $9.59 million for the quarter, compared to the consensus estimate of $8.22 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. Equities research analysts forecast that SurgePays will post -1.66 EPS for the current fiscal year.

Institutional Investors Weigh In On SurgePays

Large investors have recently bought and sold shares of the business. Virtu Financial LLC bought a new position in SurgePays during the third quarter valued at about $25,000. Corsair Capital Management L.P. increased its holdings in shares of SurgePays by 50.3% during the 3rd quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock valued at $55,000 after acquiring an additional 10,000 shares during the last quarter. XTX Topco Ltd bought a new position in shares of SurgePays in the 4th quarter valued at approximately $53,000. Jane Street Group LLC acquired a new stake in SurgePays in the 4th quarter worth approximately $54,000. Finally, Renaissance Technologies LLC boosted its position in SurgePays by 43.6% during the fourth quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock worth $88,000 after purchasing an additional 15,000 shares during the period. 6.94% of the stock is currently owned by institutional investors.

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.