David Allen May Purchases 34,716 Shares of SurgePays (NASDAQ:SURG) Stock

SurgePays, Inc. (NASDAQ:SURG) Director David Allen May purchased 34,716 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $0.53 per share, for a total transaction of $18,399.48. Following the purchase, 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 acquisition was disclosed in a legal 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 purchased 121 shares of SurgePays stock. The shares were acquired at an average price of $0.53 per share, for a total transaction of $64.13.
• On Wednesday, June 3rd, David Allen May purchased 5,413 shares of SurgePays stock. The shares were acquired at an average price of $0.53 per share, for a total transaction of $2,868.89.

SurgePays Price Performance

Shares of SurgePays stock opened at $0.47 on Friday. The company’s fifty day simple moving average is $0.61 and its 200-day simple moving average is $1.10. The stock has a market capitalization of $11.81 million, a PE ratio of -0.24 and a beta of 0.31. SurgePays, Inc. has a 1-year low of $0.46 and a 1-year high of $3.45.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The business had revenue of $15.98 million for 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, research analysts anticipate that SurgePays, Inc. will post -0.44 EPS for the current year.

Analyst Ratings Changes

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

Hedge Funds Weigh In On SurgePays

A number of hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers grew 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 acquiring an additional 20,000 shares in the last quarter. Gaddis Premier Wealth Advisors LLC grew its stake in 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 acquiring an additional 60,363 shares in the last quarter. Squarepoint Ops LLC bought a new position in SurgePays in the 4th quarter worth about $52,000. Millennium Capital Advisors LLC bought a new position in SurgePays in the 4th quarter worth about $142,000. Finally, CIBC Private Wealth Group LLC bought a new position in SurgePays in the 3rd quarter worth about $211,000. 6.94% of the stock is currently owned by 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.