SurgePays (NASDAQ:SURG) Stock Price Expected to Rise, Ascendiant Capital Markets Analyst Says

SurgePays (NASDAQ:SURG - Free Report) had its price target raised by Ascendiant Capital Markets from $8.50 to $8.75 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the medical equipment provider's stock.

SurgePays Stock Up 3.1 %

Shares of NASDAQ:SURG traded up $0.10 during mid-day trading on Tuesday, reaching $3.33. 441,552 shares of the stock were exchanged, compared to its average volume of 640,908. The stock's 50 day simple moving average is $1.85 and its 200-day simple moving average is $1.75. SurgePays has a one year low of $1.05 and a one year high of $4.38. The company has a market cap of $67.97 million, a P/E ratio of -2.95 and a beta of 0.57. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08.

SurgePays (NASDAQ:SURG - Get Free Report) last issued its quarterly earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.66). The business had revenue of $9.59 million for the quarter, compared to the consensus estimate of $8.22 million. SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. As a group, equities research analysts predict that SurgePays will post -1.66 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Several institutional investors and hedge funds have recently added to or reduced their stakes in SURG. Jane Street Group LLC acquired a new stake in shares of SurgePays in the fourth quarter valued at about $54,000. XTX Topco Ltd acquired a new position in shares of SurgePays during the 4th quarter worth approximately $53,000. Northern Trust Corp increased its position in shares of SurgePays by 67.4% during the 4th quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider's stock worth $113,000 after purchasing an additional 25,467 shares during the last quarter. Truvestments Capital LLC raised its stake in shares of SurgePays by 20.1% during the 4th quarter. Truvestments Capital LLC now owns 102,002 shares of the medical equipment provider's stock worth $182,000 after purchasing an additional 17,056 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of SurgePays by 11.3% in the 3rd quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider's stock valued at $272,000 after buying an additional 15,039 shares during the last quarter. 6.94% of the stock is 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.