SurgePays, Inc. (NASDAQ:SURG) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in SurgePays, Inc. (NASDAQ:SURG) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 148,018 shares of the medical equipment provider’s stock after purchasing an additional 15,039 shares during the period. Geode Capital Management LLC owned about 0.73% of SurgePays worth $272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Royce & Associates LP acquired a new position in shares of SurgePays in the 3rd quarter valued at $34,000. Renaissance Technologies LLC acquired a new position in SurgePays during the second quarter worth $45,000. Corsair Capital Management L.P. raised its position in SurgePays by 50.3% during the third quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock worth $55,000 after acquiring an additional 10,000 shares during the period. Dimensional Fund Advisors LP raised its position in SurgePays by 49.0% during the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock worth $78,000 after acquiring an additional 7,998 shares during the period. Finally, Truvestments Capital LLC raised its position in SurgePays by 23.1% during the third quarter. Truvestments Capital LLC now owns 84,946 shares of the medical equipment provider’s stock worth $156,000 after acquiring an additional 15,956 shares during the period. 6.94% of the stock is currently owned by institutional investors and hedge funds.

SurgePays Stock Performance

NASDAQ:SURG opened at $1.58 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24. The company has a fifty day moving average of $1.76 and a two-hundred day moving average of $2.01. The stock has a market capitalization of $31.86 million, a PE ratio of -1.40 and a beta of 1.04. SurgePays, Inc. has a fifty-two week low of $1.33 and a fifty-two week high of $9.23.

SurgePays (NASDAQ:SURG) last released its earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.51). SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. The business had revenue of $4.77 million for the quarter, compared to analysts’ expectations of $8.64 million. During the same period in the previous year, the company earned $0.49 EPS. As a group, research analysts forecast that SurgePays, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Transactions at SurgePays

In other news, CFO Anthony George Evers sold 36,666 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $1.86, for a total transaction of $68,198.76. Following the completion of the sale, the chief financial officer now owns 214,924 shares of the company’s stock, valued at $399,758.64. This represents a 14.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin Brian Cox sold 35,180 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.82, for a total transaction of $64,027.60. Following the sale, the chief executive officer now directly owns 5,770,090 shares of the company’s stock, valued at $10,501,563.80. The trade was a 0.61 % decrease in their position. The disclosure for this sale can be found here. Insiders own 29.40% of the company’s stock.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets reduced their price objective on shares of SurgePays from $9.00 to $8.50 and set a “buy” rating for the company in a research report on Monday, December 16th.

SurgePays 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.