Ascendiant Capital Markets Issues Pessimistic Forecast for SurgePays (NASDAQ:SURG) Stock Price

SurgePays (NASDAQ:SURG) had its price objective decreased by Ascendiant Capital Markets from $9.00 to $8.50 in a report released on Monday,Benzinga reports. Ascendiant Capital Markets currently has a buy rating on the medical equipment provider’s stock.

SurgePays Stock Down 3.9 %

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 stock has a market capitalization of $34.68 million, a P/E ratio of -1.52 and a beta of 1.01. 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 50 day moving average price of $1.77 and a two-hundred day moving average price of $2.25.

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 firm 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 in the previous year, the business posted $0.49 earnings per share. Equities analysts expect that SurgePays will post -1.34 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On SurgePays

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corsair Capital Management L.P. lifted its position in shares of SurgePays by 50.3% in the 3rd 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. Vanguard Group Inc. lifted its position in SurgePays by 8.2% in the first quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock worth $1,946,000 after purchasing an additional 38,195 shares during the period. National Bank of Canada FI boosted its stake in SurgePays by 50.0% during the second quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock worth $111,000 after buying an additional 12,000 shares in the last quarter. Truvestments Capital LLC increased its holdings in SurgePays by 23.1% in the 3rd quarter. Truvestments Capital LLC now owns 84,946 shares of the medical equipment provider’s stock valued at $156,000 after buying an additional 15,956 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of SurgePays in the 2nd quarter valued at $45,000. 6.94% of the stock is currently owned by 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.