SurgePays (NASDAQ:SURG) Price Target Lowered to $8.50 at Ascendiant Capital Markets

SurgePays (NASDAQ:SURG) had its price objective lowered by Ascendiant Capital Markets from $9.00 to $8.50 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the medical equipment provider’s stock.

SurgePays Stock Performance

Shares of SurgePays stock opened at $1.72 on Monday. SurgePays has a 12 month low of $1.33 and a 12 month high of $9.23. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08. The stock has a market cap of $34.68 million, a PE ratio of -1.52 and a beta of 1.01. The business has a fifty day simple moving average of $1.76 and a 200-day simple moving average of $2.27.

SurgePays (NASDAQ:SURG) last posted 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). The business had revenue of $4.77 million during the quarter, compared to analyst estimates of $8.64 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same quarter last year, the firm earned $0.49 earnings per share. On average, sell-side analysts anticipate that SurgePays will post -1.34 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On SurgePays

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new stake in SurgePays during the 3rd quarter worth $25,000. Renaissance Technologies LLC bought a new position in shares of SurgePays during the 2nd quarter valued at about $45,000. Royce & Associates LP bought a new position in shares of SurgePays during the 3rd quarter valued at about $34,000. Dimensional Fund Advisors LP grew its position in shares of SurgePays by 49.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after purchasing an additional 7,998 shares during the period. Finally, Corsair Capital Management L.P. increased its stake in SurgePays by 50.3% during the 3rd quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock worth $55,000 after purchasing an additional 10,000 shares in the last quarter. 6.94% of the stock is owned by institutional investors and hedge funds.

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.