SurgePays (NASDAQ:SURG) Price Target Raised to $9.50 at Ascendiant Capital Markets

Key Points

• Ascendiant Capital Markets raised the price target for SurgePays (NASDAQ:SURG) from $9.00 to $9.50, indicating a potential upside of 262.60% based on the company's previous close.
• SurgePays recently reported a quarterly earnings loss of ($0.36) EPS, which was below the consensus estimate of ($0.31), along with a negative net margin of 133.85%.
• Several hedge funds have recently increased their holdings in SurgePays, including Jones Financial Companies Lllp, which raised its position by 34,091.3% during the first quarter.

SurgePays (NASDAQ:SURG - Get Free Report) had its price target boosted by investment analysts at Ascendiant Capital Markets from $9.00 to $9.50 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the medical equipment provider's stock. Ascendiant Capital Markets' price target points to a potential upside of 262.60% from the company's previous close.

Separately, Wall Street Zen upgraded shares of SurgePays from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $9.50.

SurgePays Stock Performance

Shares of NASDAQ:SURG opened at $2.62 on Friday. The company has a market capitalization of $53.53 million, a price-to-earnings ratio of -1.05 and a beta of 0.43. SurgePays has a 12 month low of $1.05 and a 12 month high of $3.47. The firm's 50-day moving average is $2.74 and its 200 day moving average is $2.71. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 101.87.

SurgePays (NASDAQ:SURG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The medical equipment provider reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.05). The firm had revenue of $11.52 million for the quarter, compared to the consensus estimate of $16.14 million. SurgePays had a negative net margin of 133.85% and a negative return on equity of 333.87%. SurgePays has set its FY 2025 guidance at EPS. Research analysts predict that SurgePays will post -1.66 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Several hedge funds have recently modified their holdings of SURG. Jane Street Group LLC purchased a new stake in shares of SurgePays in the 4th quarter worth approximately $54,000. D.A. Davidson & CO. purchased a new stake in SurgePays during the first quarter valued at approximately $25,000. Baader Bank Aktiengesellschaft purchased a new stake in SurgePays during the first quarter valued at approximately $35,000. Ethos Financial Group LLC purchased a new stake in SurgePays during the first quarter valued at approximately $57,000. Finally, Jones Financial Companies Lllp lifted its position 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 valued at $106,000 after acquiring an additional 51,137 shares during the last quarter. Hedge funds and other institutional investors own 6.94% of the company's stock.

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.

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