SurgePays (NASDAQ:SURG) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• SurgePays' stock price crossed above its 200-day moving average, reaching a high of $3.10 before settling at $2.99.
• Research analysts have upgraded SurgePays' rating to a "buy," setting a consensus price target of $9.00, despite the company recently reporting a loss of $0.36 per share.
• Institutional investors have increased their stakes in SurgePays, with Jane Street Group purchasing a new stake worth $54,000 and Northern Trust Corp boosting theirs by 67.4%.

Shares of SurgePays, Inc. (NASDAQ:SURG - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.59 and traded as high as $3.10. SurgePays shares last traded at $2.99, with a volume of 284,104 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Ascendiant Capital Markets upped their price objective on shares of SurgePays from $8.75 to $9.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Wall Street Zen upgraded shares of SurgePays from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, SurgePays currently has an average rating of "Buy" and an average target price of $9.00.

SurgePays Price Performance

The company has a debt-to-equity ratio of 101.87, a current ratio of 1.11 and a quick ratio of 0.84. The firm has a market cap of $60.06 million, a PE ratio of -1.18 and a beta of 0.43. The firm has a 50-day simple moving average of $2.76 and a 200 day simple moving average of $2.62.

SurgePays (NASDAQ:SURG - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations 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. As a group, equities analysts expect that SurgePays, Inc. will post -1.66 EPS for the current year.

Hedge Funds Weigh In On SurgePays

Institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in shares of SurgePays during the fourth quarter valued at $54,000. Northern Trust Corp increased its holdings in SurgePays by 67.4% in the 4th quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider's stock worth $113,000 after buying an additional 25,467 shares in the last quarter. Ethos Financial Group LLC bought a new stake in SurgePays in the 1st quarter worth about $57,000. Baader Bank Aktiengesellschaft bought a new stake in SurgePays in the 1st quarter worth about $35,000. Finally, D.A. Davidson & CO. bought a new stake in SurgePays in the 1st quarter worth about $25,000. 6.94% of the stock is currently owned by 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.