SurgePays (NASDAQ:SURG) Upgraded by Zacks Research to Hold Rating

SurgePays (NASDAQ:SURG) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. Ascendiant Capital Markets dropped their price objective on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, SurgePays presently has a consensus rating of “Hold” and a consensus target price of $3.50.

SurgePays Price Performance

SurgePays stock opened at $0.30 on Monday. The stock has a market cap of $7.57 million, a P/E ratio of -0.16 and a beta of 0.42. SurgePays has a 1 year low of $0.20 and a 1 year high of $3.14. The firm’s 50 day moving average price is $0.36 and its 200-day moving average price is $0.63.

SurgePays (NASDAQ:SURG) last released its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The firm had revenue of $15.98 million for the quarter, compared to analysts’ expectations of $15.49 million. As a group, equities analysts expect that SurgePays will post -0.7 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers raised its position in SurgePays by 43.5% during the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after purchasing an additional 20,000 shares during the period. Gaddis Premier Wealth Advisors LLC boosted its holdings in shares of SurgePays by 16.0% in the 1st quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock worth $329,000 after purchasing an additional 60,363 shares during the period. Squarepoint Ops LLC purchased a new position in shares of SurgePays in the 4th quarter worth 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 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.