SurgePays (NASDAQ:SURG) Issues Quarterly Earnings Results

SurgePays (NASDAQ:SURG) posted its quarterly earnings results on Friday. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.16, Zacks reports.

SurgePays Trading Up 14.4%

Shares of SURG stock traded up $0.04 during mid-day trading on Friday, reaching $0.28. The stock had a trading volume of 289,405,676 shares, compared to its average volume of 6,009,388. The firm has a market capitalization of $7.08 million, a PE ratio of -0.15 and a beta of 0.42. The stock’s 50-day moving average price is $0.35 and its two-hundred day moving average price is $0.62. SurgePays has a 52-week low of $0.20 and a 52-week high of $3.14.

Analyst Ratings Changes

SURG has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. Ascendiant Capital Markets decreased their price target on SurgePays from $5.00 to $3.50 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. Finally, Zacks Research upgraded SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC bought a new stake in SurgePays in the fourth quarter valued at $52,000. CIBC Private Wealth Group LLC purchased a new stake in shares of SurgePays in the 3rd quarter worth about $211,000. CIBC Bancorp USA Inc. purchased a new stake in shares of SurgePays in the 3rd quarter worth about $320,000. NewEdge Advisors LLC boosted its stake in shares of SurgePays by 71.1% during the 3rd quarter. NewEdge Advisors LLC now owns 32,500 shares of the medical equipment provider’s stock valued at $91,000 after purchasing an additional 13,500 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of SurgePays by 5.7% during the third quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock valued at $1,846,000 after buying an additional 35,286 shares during the period. Hedge funds and other 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.