SurgePays (NASDAQ:SURG) Posts Earnings Results, Beats Expectations By $0.16 EPS

SurgePays (NASDAQ:SURG) issued its quarterly earnings data on Friday. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.16, Zacks reports.

SurgePays Stock Performance

SURG traded up $0.04 during 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 business has a 50-day moving average of $0.35 and a 200-day moving average of $0.62. SurgePays has a one year low of $0.20 and a one year high of $3.14. The stock has a market cap of $7.08 million, a PE ratio of -0.15 and a beta of 0.42.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SURG shares. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. Ascendiant Capital Markets cut their price objective on SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. Finally, Zacks Research upgraded shares of 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 given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $3.50.

Hedge Funds Weigh In On SurgePays

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. bought a new position in shares of SurgePays during the 1st quarter valued at about $28,000. Jane Street Group LLC purchased a new stake in SurgePays in the second quarter worth approximately $42,000. Squarepoint Ops LLC bought a new position in SurgePays during the fourth quarter valued at approximately $52,000. NewEdge Advisors LLC raised its stake in shares of SurgePays by 46.2% during the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its stake in shares of SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after acquiring an additional 51,137 shares in the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

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.