SurgePays (NASDAQ:SURG) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• SurgePays shares have recently surpassed their 200-day moving average, which is currently set at $2.27, hitting a high of $3.05 before last trading at $2.94.
• Analysts have shown a positive outlook, with Ascendiant Capital Markets raising their price target from $8.75 to $9.00 and maintaining a "buy" rating.
• The company reported better-than-expected earnings with a revenue of $10.58 million for the last quarter, exceeding analysts' projections of $9.80 million.

SurgePays, Inc. (NASDAQ:SURG - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.27 and traded as high as $3.05. SurgePays shares last traded at $2.94, with a volume of 22,889 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SURG shares. Ascendiant Capital Markets upped their price objective on 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 SurgePays from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

SurgePays Stock Down 2.9%

The stock has a market cap of $56.11 million, a PE ratio of -0.98 and a beta of 0.46. The company has a current ratio of 1.72, a quick ratio of 1.41 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $2.98 and a 200-day moving average price of $2.29.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.02. SurgePays had a negative return on equity of 206.01% and a negative net margin of 136.37%. The firm had revenue of $10.58 million for the quarter, compared to analyst estimates of $9.80 million. During the same quarter last year, the firm posted $0.07 EPS. As a group, analysts forecast that SurgePays, Inc. will post -1.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SURG. D.A. Davidson & CO. purchased a new position in shares of SurgePays during the 1st quarter valued at approximately $25,000. Goldman Sachs Group Inc. purchased a new position in SurgePays in the 1st quarter valued at $28,000. Baader Bank Aktiengesellschaft purchased a new position in SurgePays in the 1st quarter valued at $35,000. XTX Topco Ltd purchased a new position in SurgePays in the 4th quarter valued at $53,000. Finally, Jane Street Group LLC purchased a new position in SurgePays in the 4th quarter valued at $54,000. Hedge funds and other institutional investors 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.