SurgePays (NASDAQ:SURG) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of SurgePays (NASDAQ:SURG) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

SURG has been the subject of several other research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. Ascendiant Capital Markets dropped their target price on SurgePays from $5.00 to $3.50 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.50.

SurgePays Stock Down 0.2%

NASDAQ SURG opened at $0.30 on Monday. The firm has a market cap of $7.57 million, a PE ratio of -0.16 and a beta of 0.42. The company has a 50 day moving average price of $0.36 and a 200 day moving average price of $0.63. SurgePays has a 52 week low of $0.20 and a 52 week high of $3.14.

SurgePays (NASDAQ:SURG) last announced its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The business had revenue of $15.98 million for the quarter, compared to the consensus estimate of $15.49 million. On average, equities research analysts anticipate that SurgePays will post -0.7 earnings per share for the current fiscal year.

Institutional Trading of SurgePays

Institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new stake in SurgePays during the 2nd quarter worth approximately $42,000. Goldman Sachs Group Inc. purchased a new position in shares of SurgePays in the first quarter worth $28,000. NewEdge Advisors LLC raised its holdings in shares of SurgePays by 46.2% in the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after buying an additional 6,000 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of SurgePays during the fourth quarter worth $52,000. Finally, XTX Topco Ltd acquired a new stake in shares of SurgePays during the second quarter worth $125,000. 6.94% of the stock is currently owned by institutional investors and hedge funds.

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.