SurgePays (NASDAQ:SURG) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen has upgraded SurgePays (NASDAQ:SURG) from a "sell" to a "hold" rating, reflecting a change in analyst sentiment towards the stock.
• Ascendiant Capital Markets also increased their price target on SurgePays from $8.75 to $9.00 while maintaining a "buy" rating.
• Despite recent upgrades, SurgePays reported a quarterly loss, missing earnings expectations with a net margin of -133.85% and revenue significantly below projections.

SurgePays (NASDAQ:SURG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Separately, Ascendiant Capital Markets raised their target price on SurgePays from $8.75 to $9.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $9.00.

SurgePays Stock Performance

Shares of SURG traded down $0.09 on Friday, reaching $2.71. 46,218 shares of the stock traded hands, compared to its average volume of 164,726. The firm has a market cap of $55.37 million, a price-to-earnings ratio of -1.09 and a beta of 0.43. The company has a debt-to-equity ratio of 101.87, a current ratio of 1.11 and a quick ratio of 0.84. SurgePays has a 12 month low of $1.05 and a 12 month high of $3.47. The stock's 50-day moving average price is $2.83 and its 200-day moving average price is $2.50.

SurgePays (NASDAQ:SURG - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.05). The firm had revenue of $11.52 million for the quarter, compared to the consensus estimate 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. Equities analysts forecast that SurgePays will post -1.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new position in SurgePays in the 2nd quarter worth approximately $42,000. NewEdge Advisors LLC raised its position in SurgePays by 46.2% in the 2nd quarter. NewEdge Advisors LLC 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. XTX Topco Ltd bought a new position in SurgePays in the 2nd quarter worth approximately $125,000. Cetera Investment Advisers raised its position in SurgePays by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider's stock worth $141,000 after purchasing an additional 17,200 shares during the last quarter. Finally, Ethos Financial Group LLC raised its position in SurgePays by 76.8% in the 2nd quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider's stock worth $152,000 after purchasing an additional 21,186 shares during the last quarter. Institutional investors own 6.94% of the company's stock.

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.