Corsair Capital Management L.P. Boosts Holdings in SurgePays, Inc. (NASDAQ:SURG)

Corsair Capital Management L.P. grew its holdings in SurgePays, Inc. (NASDAQ:SURG) by 50.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,864 shares of the medical equipment provider’s stock after acquiring an additional 10,000 shares during the period. Corsair Capital Management L.P. owned 0.15% of SurgePays worth $55,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of SURG. Dimensional Fund Advisors LP grew its holdings 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 valued at $78,000 after purchasing an additional 7,998 shares during the period. National Bank of Canada FI increased its stake in shares of SurgePays by 50.0% in 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. Renaissance Technologies LLC bought a new position in shares of SurgePays in the second quarter worth about $45,000. Truvestments Capital LLC boosted its stake in SurgePays by 23.1% in the 3rd quarter. Truvestments Capital LLC now owns 84,946 shares of the medical equipment provider’s stock worth $156,000 after purchasing an additional 15,956 shares during the period. Finally, Royce & Associates LP purchased a new stake in SurgePays during the 3rd quarter valued at approximately $34,000. Institutional investors own 6.94% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets cut their target price on shares of SurgePays from $9.50 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th.

SurgePays Price Performance

SURG stock opened at $2.14 on Wednesday. SurgePays, Inc. has a 52 week low of $1.33 and a 52 week high of $9.23. The firm has a market capitalization of $43.14 million, a P/E ratio of -1.87 and a beta of 0.94. The company has a fifty day simple moving average of $1.73 and a two-hundred day simple moving average of $2.48. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data 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 company had revenue of $4.77 million for the quarter, compared to the consensus estimate 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 previous year, the firm earned $0.49 earnings per share. Analysts anticipate that SurgePays, Inc. will post -1.34 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, CFO Anthony George Evers sold 33,334 shares of SurgePays stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.54, for a total value of $51,334.36. Following the transaction, the chief financial officer now directly owns 261,590 shares in the company, valued at approximately $402,848.60. This trade represents a 11.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin Brian Cox sold 35,100 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.48, for a total value of $51,948.00. Following the sale, the chief executive officer now owns 5,786,012 shares of the company’s stock, valued at $8,563,297.76. This trade represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 91,434 shares of company stock valued at $103,514. Insiders own 29.40% 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.