14,200 Shares in SurgePays, Inc. (NASDAQ:SURG) Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC acquired a new position in SurgePays, Inc. (NASDAQ:SURG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 14,200 shares of the medical equipment provider’s stock, valued at approximately $45,000. Renaissance Technologies LLC owned approximately 0.07% of SurgePays as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in SurgePays by 49.0% in 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 in the last quarter. National Bank of Canada FI increased its position in shares of SurgePays by 50.0% during the second quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock worth $111,000 after purchasing an additional 12,000 shares in the last quarter. Privium Fund Management B.V. acquired a new position in shares of SurgePays during the first quarter worth $109,000. Vanguard Group Inc. increased its position in shares of SurgePays by 8.2% during the first 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. Finally, Truvestments Capital LLC increased its position 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 worth $224,000 after purchasing an additional 56,527 shares in the last quarter. Institutional investors own 6.94% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets reduced their price target on SurgePays from $9.50 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th.

SurgePays Price Performance

Shares of SURG opened at $1.86 on Tuesday. The firm has a market capitalization of $36.74 million, a PE ratio of 20.67 and a beta of 0.92. The company has a debt-to-equity ratio of 0.07, a current ratio of 7.38 and a quick ratio of 6.11. SurgePays, Inc. has a 1-year low of $1.33 and a 1-year high of $9.23. The company’s fifty day moving average price is $1.82 and its 200-day moving average price is $2.94.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings results on Tuesday, August 13th. The medical equipment provider reported ($0.66) 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 business had revenue of $15.09 million during the quarter, compared to analysts’ expectations of $9.02 million. On average, equities research analysts predict that SurgePays, Inc. will post -1.02 EPS for the current year.

SurgePays announced that its board has approved a share buyback plan on Tuesday, August 13th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 14.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at SurgePays

In other news, CFO Anthony George Evers sold 33,334 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total transaction of $51,334.36. Following the sale, the chief financial officer now directly owns 261,590 shares of the company’s stock, valued at $402,848.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Kevin Brian Cox sold 35,100 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.48, for a total transaction of $51,948.00. Following the completion of the transaction, the chief executive officer now owns 5,786,012 shares in the company, valued at $8,563,297.76. This represents a 0.00 % 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, CFO Anthony George Evers sold 33,334 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total transaction of $51,334.36. Following the completion of the sale, the chief financial officer now owns 261,590 shares of the company’s stock, valued at approximately $402,848.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,117 shares of company stock valued at $191,123 in the last ninety days. 29.40% of the stock is currently owned by corporate insiders.

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.