SurgePays (NASDAQ:SURG) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of SurgePays (NASDAQ:SURG) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Separately, Ascendiant Capital Markets increased their target price on SurgePays from $8.50 to $8.75 and gave the stock a “buy” rating in a research note on Tuesday, April 22nd.

SurgePays Trading Up 3.9%

NASDAQ SURG opened at $3.16 on Thursday. The firm has a market capitalization of $64.50 million, a PE ratio of -2.80 and a beta of 0.51. The stock’s 50 day moving average is $2.46 and its 200 day moving average is $1.89. SurgePays has a twelve month low of $1.05 and a twelve month high of $4.38. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08.

SurgePays (NASDAQ:SURG) last announced its earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.02. The firm had revenue of $10.58 million for the quarter, compared to analysts’ expectations of $9.80 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same quarter in the previous year, the business posted $0.07 EPS. Research analysts forecast that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Trading of SurgePays

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new stake in shares of SurgePays during the 1st quarter valued at about $28,000. Jones Financial Companies Lllp lifted its position in 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 valued at $106,000 after purchasing an additional 51,137 shares during the period. Ethos Financial Group LLC purchased a new stake in SurgePays in the first quarter worth approximately $57,000. Baader Bank Aktiengesellschaft bought a new stake in SurgePays in the 1st quarter worth approximately $35,000. Finally, D.A. Davidson & CO. purchased a new stake in SurgePays during the 1st quarter valued at $25,000. Institutional investors own 6.94% of the company’s stock.

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.