SurgePays (NASDAQ:SURG) Given New $9.00 Price Target at Ascendiant Capital Markets

SurgePays (NASDAQ:SURG - Free Report) had its price objective boosted by Ascendiant Capital Markets from $8.75 to $9.00 in a report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the medical equipment provider's stock.

Separately, Wall Street Zen upgraded shares of SurgePays from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

SurgePays Stock Performance

SURG traded up $0.12 during mid-day trading on Monday, reaching $2.81. 96,438 shares of the company traded hands, compared to its average volume of 633,398. The stock has a market capitalization of $57.35 million, a P/E ratio of -1.01 and a beta of 0.43. The company has a quick ratio of 1.41, a current ratio of 1.72 and a debt-to-equity ratio of 0.24. The company's fifty day moving average price is $2.80 and its 200-day moving average price is $2.04. SurgePays has a 52-week low of $1.05 and a 52-week high of $3.52.

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 analysts' consensus estimates of ($0.40) by $0.02. The business had revenue of $10.58 million during the quarter, compared to analyst estimates of $9.80 million. SurgePays had a negative net margin of 136.37% and a negative return on equity of 206.01%. During the same period in the previous year, the business earned $0.07 EPS. On average, sell-side analysts expect that SurgePays will post -1.66 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of SurgePays by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider's stock worth $278,000 after purchasing an additional 8,097 shares in the last quarter. D.A. Davidson & CO. purchased a new stake in shares of SurgePays in the 1st quarter worth $25,000. Goldman Sachs Group Inc. purchased a new stake in shares of SurgePays in the 1st quarter worth $28,000. Renaissance Technologies LLC increased its stake in shares of SurgePays by 43.6% in the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider's stock worth $88,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of SurgePays in the 1st quarter worth $35,000. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

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.