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

SurgePays (NASDAQ:SURG) had its price objective dropped by Ascendiant Capital Markets from $9.00 to $8.50 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Ascendiant Capital Markets’ target price would suggest a potential upside of 377.53% from the stock’s previous close.

SurgePays Trading Down 3.3 %

Shares of SURG opened at $1.78 on Monday. SurgePays has a 12 month low of $1.33 and a 12 month high of $9.23. The stock’s 50-day moving average is $1.76 and its two-hundred day moving average is $2.29. 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 stock has a market cap of $35.88 million, a PE ratio of -1.58 and a beta of 1.01.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings data on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.51). The firm had revenue of $4.77 million for 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 business earned $0.49 EPS. Equities analysts forecast that SurgePays will post -1.34 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On SurgePays

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in SurgePays by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock valued at $1,946,000 after purchasing an additional 38,195 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SurgePays by 11.3% in the third quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider’s stock valued at $272,000 after buying an additional 15,039 shares during the period. Truvestments Capital LLC grew its holdings 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 acquiring an additional 15,956 shares during the period. National Bank of Canada FI grew its holdings in 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 acquiring an additional 12,000 shares during the period. Finally, Corsair Capital Management L.P. lifted its holdings in SurgePays by 50.3% in 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. Institutional investors and hedge funds own 6.94% of the company’s stock.

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.