SurgePays (NASDAQ:SURG) Announces Quarterly Earnings Results

SurgePays (NASDAQ:SURG) posted its earnings results on Friday. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.16, Zacks reports. The business had revenue of $16.20 million for the quarter, compared to analysts’ expectations of $13.80 million.

SurgePays Trading Up 14.4%

SurgePays stock opened at $0.28 on Friday. The stock has a fifty day simple moving average of $0.35 and a two-hundred day simple moving average of $0.61. SurgePays has a 12 month low of $0.20 and a 12 month high of $3.14. The firm has a market cap of $7.08 million, a price-to-earnings ratio of -0.15 and a beta of 0.42.

Institutional Investors Weigh In On SurgePays

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of SurgePays by 5.7% in the third quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock worth $1,846,000 after buying an additional 35,286 shares during the period. CIBC Bancorp USA Inc. purchased a new position in SurgePays during the third quarter valued at approximately $320,000. CIBC Private Wealth Group LLC bought a new position in shares of SurgePays in the third quarter worth approximately $211,000. Jones Financial Companies Lllp raised its position in shares of SurgePays by 34,091.3% during the 1st 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. Finally, Cetera Investment Advisers lifted its stake in shares of SurgePays by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after buying an additional 17,200 shares in the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SURG has been the topic of several recent analyst reports. Ascendiant Capital Markets cut their price target on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating on the stock in a report on Wednesday, June 10th. Zacks Research raised shares of SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.50.

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.