SurgePays (NASDAQ:SURG) Price Target Raised to $9.00

SurgePays (NASDAQ:SURG - Get Free Report) had its target price upped by equities researchers at Ascendiant Capital Markets from $8.75 to $9.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the medical equipment provider's stock. Ascendiant Capital Markets' price target would suggest a potential upside of 248.84% from the stock's previous close.

Separately, Wall Street Zen raised SurgePays from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd.

SurgePays Trading Down 4.4%

SURG opened at $2.58 on Monday. The firm has a market cap of $52.66 million, a price-to-earnings ratio of -2.28 and a beta of 0.43. The stock has a fifty day moving average price of $2.78 and a 200-day moving average price of $2.03. SurgePays has a 12 month low of $1.05 and a 12 month high of $3.80. The company has a current ratio of 6.24, a quick ratio of 4.70 and a debt-to-equity ratio of 0.08.

SurgePays (NASDAQ:SURG - Get Free Report) last announced its earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.02. The company had revenue of $10.58 million during the quarter, compared to the consensus estimate of $9.80 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same period last year, the firm earned $0.07 earnings per share. As a group, equities research analysts anticipate that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Trading of SurgePays

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new position in shares of SurgePays in the first quarter worth about $28,000. Jones Financial Companies Lllp grew its holdings in SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider's stock worth $106,000 after acquiring an additional 51,137 shares during the period. Ethos Financial Group LLC purchased a new position in SurgePays during the first quarter valued at approximately $57,000. Baader Bank Aktiengesellschaft acquired a new position in SurgePays in the first quarter valued at approximately $35,000. Finally, D.A. Davidson & CO. purchased a new stake in SurgePays in the 1st quarter worth approximately $25,000. 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.

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