SurgePays (NASDAQ:SURG) Stock Passes Above 200 Day Moving Average - What's Next?

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).

Shares of SurgePays, Inc. (NASDAQ:SURG - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-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.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Ascendiant Capital Markets raised their price objective on SurgePays from $8.75 to $9.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Wall Street Zen raised SurgePays from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

SurgePays Stock Down 0.3%

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 capitalization of $59.40 million, a PE ratio of -1.04 and a beta of 0.44. The firm has a 50-day moving average of $2.93 and a two-hundred day moving average of $2.38.

SurgePays (NASDAQ:SURG - Get Free Report) last issued its earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $10.58 million for the quarter, compared to analyst estimates of $9.80 million. During the same period last year, the company posted $0.07 EPS. On average, equities research analysts forecast that SurgePays, Inc. will post -1.66 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. purchased a new position in SurgePays in the first quarter valued at about $25,000. Goldman Sachs Group Inc. purchased a new position in SurgePays in the first quarter valued at about $28,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of SurgePays during the first quarter worth about $35,000. James Investment Research Inc. increased 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 acquiring an additional 6,000 shares during the last quarter. Finally, Ethos Financial Group LLC purchased a new stake in shares of SurgePays during the first quarter worth about $57,000. 6.94% of the stock is owned by hedge funds and other institutional investors.

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.