SurgePays (NASDAQ:SURG) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• SurgePays, Inc. shares crossed above the two hundred day moving average, trading at $2.92, with a high of $3.22 on Friday.
• Analysts have mixed ratings on SurgePays, with Wall Street Zen upgrading it from "sell" to "hold" and Ascendiant Capital Markets raising their price target to $9.00 with a "buy" rating.
• The company reported a quarterly revenue of $10.58 million, exceeding analyst estimates, but posted a negative earnings per share of ($0.38).

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.36 and traded as high as $3.22. SurgePays shares last traded at $2.92, with a volume of 186,507 shares trading hands.

Analyst Ratings Changes

SURG has been the topic of a number of research analyst reports. Ascendiant Capital Markets lifted their price target on shares of SurgePays from $8.75 to $9.00 and gave the company a "buy" rating in a report on Monday, June 16th. Wall Street Zen upgraded shares of SurgePays from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd.

SurgePays Stock Performance

The stock's 50 day moving average price is $2.93 and its 200 day moving average price is $2.38. 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 firm has a market cap of $59.50 million, a PE ratio of -1.04 and a beta of 0.44.

SurgePays (NASDAQ:SURG - Get Free Report) last issued its earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.02. SurgePays had a negative net margin of 136.37% and a negative return on equity of 206.01%. The business had revenue of $10.58 million for the quarter, compared to the consensus estimate of $9.80 million. During the same quarter last year, the firm posted $0.07 EPS. As a group, equities analysts forecast that SurgePays, Inc. will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SurgePays

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. D.A. Davidson & CO. purchased a new stake in SurgePays during the 1st quarter worth $25,000. Goldman Sachs Group Inc. bought a new stake in shares of SurgePays in the 1st quarter worth about $28,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of SurgePays in the 1st quarter valued at about $35,000. James Investment Research Inc. lifted its position in shares of SurgePays by 46.2% during the second quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider's stock worth $59,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Ethos Financial Group LLC acquired a new position in SurgePays in the first quarter worth about $57,000. 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.