SurgePays (NASDAQ:SURG) Share Price Breaks Below 50 Day Moving Average – What’s Next?

SurgePays, Inc. (NASDAQ:SURG) shares passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $0.15 and traded as low as $0.1460. SurgePays shares last traded at $0.1499, with a volume of 2,521,398 shares changing hands.

Analysts Set New Price Targets

SURG has been the topic of several analyst reports. Zacks Research upgraded shares of SurgePays from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.50.

SurgePays Price Performance

The company has a 50 day simple moving average of $0.15 and a 200-day simple moving average of $0.47. The stock has a market capitalization of $9.30 million, a P/E ratio of -0.10 and a beta of 0.38.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.16. As a group, equities analysts forecast that SurgePays, Inc. will post -0.44 earnings per share for the current fiscal year.

Institutional Trading of SurgePays

Institutional investors have recently modified their holdings of the business. Cetera Investment Advisers raised its holdings in SurgePays by 43.5% during the 1st quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after acquiring an additional 20,000 shares during the period. Millennium Capital Advisors LLC lifted its position in shares of SurgePays by 185.7% during the third quarter. Millennium Capital Advisors LLC now owns 600,000 shares of the medical equipment provider’s stock worth $90,000 after acquiring an additional 390,000 shares in the last quarter. Finally, Gaddis Premier Wealth Advisors LLC lifted its position in shares of SurgePays by 16.0% during the first quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock worth $329,000 after acquiring an additional 60,363 shares in the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

About SurgePays

SurgePays, Inc. (NASDAQ:SURG) is a financial technology and telecommunications company that provides connectivity and payment solutions to underserved consumers and small businesses. The company operates through businesses focused on wireless broadband services, prepaid wireless products, and electronic payment processing. Its telecommunications operations provide mobile broadband and wireless services, including offerings designed for consumers who qualify for government-supported connectivity programs such as the federal Lifeline program.