Insider Buying: SurgePays (NASDAQ:SURG) Director Buys 34,716 Shares of Stock

SurgePays, Inc. (NASDAQ:SURG) Director David Allen May purchased 34,716 shares of SurgePays stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $0.53 per share, with a total value of $18,399.48. Following the transaction, the director directly owned 156,626 shares in the company, valued at approximately $83,011.78. The trade was a 28.48% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

David Allen May also recently made the following trade(s):

• On Thursday, June 4th, David Allen May bought 121 shares of SurgePays stock. The stock was purchased at an average cost of $0.53 per share, with a total value of $64.13.
• On Wednesday, June 3rd, David Allen May bought 5,413 shares of SurgePays stock. The stock was purchased at an average cost of $0.53 per share, with a total value of $2,868.89.

SurgePays Trading Down 13.1%

SurgePays stock traded down $0.07 during midday trading on Friday, hitting $0.47. The stock had a trading volume of 856,622 shares, compared to its average volume of 321,900. The firm’s fifty day moving average is $0.62 and its two-hundred day moving average is $1.11. The company has a market capitalization of $11.81 million, a PE ratio of -0.24 and a beta of 0.31. SurgePays, Inc. has a 52-week low of $0.46 and a 52-week high of $3.45.

SurgePays (NASDAQ:SURG) last released its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The firm had revenue of $15.98 million during the quarter, compared to analysts’ expectations of $15.50 million. SurgePays had a negative return on equity of 967.32% and a negative net margin of 64.91%. As a group, equities research analysts predict that SurgePays, Inc. will post -0.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SURG has been the subject of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. Ascendiant Capital Markets reduced their target price on shares of SurgePays from $9.75 to $5.00 and set a “buy” rating for the company in a report on Friday, April 17th. Finally, Zacks Research lowered shares of SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SurgePays currently has a consensus rating of “Reduce” and an average target price of $5.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers boosted its stake in SurgePays by 43.5% in the 1st quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock worth $50,000 after purchasing an additional 20,000 shares during the period. Gaddis Premier Wealth Advisors LLC boosted its position in shares of SurgePays by 16.0% during the 1st quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock valued at $329,000 after acquiring an additional 60,363 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of SurgePays during the 4th quarter valued at approximately $52,000. Millennium Capital Advisors LLC bought a new position in shares of SurgePays during the 4th quarter valued at approximately $142,000. Finally, CIBC Private Wealth Group LLC bought a new position in shares of SurgePays during the 3rd quarter valued at approximately $211,000. 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.