SurgePays (NASDAQ:SURG - Free Report) had its price objective trimmed by Ascendiant Capital Markets from $11.50 to $10.00 in a research note released on Monday, Benzinga reports. The firm currently has a buy rating on the medical equipment provider's stock.
Separately, Maxim Group downgraded shares of SurgePays from a buy rating to a hold rating in a research report on Wednesday, March 13th.
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SurgePays Price Performance
NASDAQ SURG traded up $0.08 on Monday, hitting $3.93. 561,744 shares of the company were exchanged, compared to its average volume of 894,509. The firm has a 50 day moving average of $6.53 and a two-hundred day moving average of $5.88. The company has a market cap of $75.81 million, a P/E ratio of 2.83 and a beta of 1.09. The company has a current ratio of 2.63, a quick ratio of 1.91 and a debt-to-equity ratio of 0.02. SurgePays has a 1-year low of $3.65 and a 1-year high of $9.23.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in SURG. Marshall Wace LLP acquired a new position in SurgePays during the 2nd quarter valued at about $1,077,000. Vanguard Group Inc. increased its stake in shares of SurgePays by 32.7% in the 3rd quarter. Vanguard Group Inc. now owns 408,942 shares of the medical equipment provider's stock valued at $1,861,000 after acquiring an additional 100,866 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of SurgePays in the 2nd quarter valued at about $572,000. Renaissance Technologies LLC bought a new stake in shares of SurgePays in the 2nd quarter valued at about $447,000. Finally, Bailard Inc. increased its stake in shares of SurgePays by 340.9% in the 3rd quarter. Bailard Inc. now owns 59,075 shares of the medical equipment provider's stock valued at $276,000 after acquiring an additional 45,675 shares during the last quarter. 6.94% of the stock is currently owned by institutional investors and hedge funds.
About SurgePays
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SurgePays, Inc operates as a technology and telecommunications company. It offers mobile broadband services to consumers. The company's fintech platform utilizes a suite of financial and prepaid products to convert corner stores and bodegas into tech-hubs for underbanked neighborhoods. The company also provides ShockWave, an end-to-end cloud-based Software as a Service offering an Omnichannel customer relationship management, billing system, and carrier integrations to the telecommunication and broadband industry.
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