SurgePays (NASDAQ:SURG) Posts Earnings Results, Misses Estimates By $0.21 EPS

SurgePays (NASDAQ:SURG) released its quarterly earnings results on Wednesday. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.21), Zacks reports. SurgePays had a negative return on equity of 333.87% and a negative net margin of 133.85%.

SurgePays Trading Down 13.0%

Shares of NASDAQ:SURG traded down $0.37 during trading on Wednesday, reaching $2.48. The stock had a trading volume of 275,829 shares, compared to its average volume of 564,736. The business has a fifty day moving average price of $2.78 and a 200-day moving average price of $2.83. The company has a quick ratio of 0.84, a current ratio of 1.11 and a debt-to-equity ratio of 101.87. The stock has a market cap of $50.67 million, a P/E ratio of -1.00 and a beta of 0.42. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $3.47.

Institutional Trading of SurgePays

Hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC lifted its position in SurgePays by 46.2% during the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after buying an additional 6,000 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of SurgePays in the second quarter worth $42,000. Goldman Sachs Group Inc. purchased a new position in shares of SurgePays in the 1st quarter valued at $28,000. Cetera Investment Advisers lifted its holdings 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 acquiring an additional 17,200 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in SurgePays by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock worth $1,846,000 after purchasing an additional 35,286 shares during the period. 6.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SURG has been the topic of a number of research reports. Wall Street Zen cut shares of SurgePays from a “hold” rating to a “sell” rating in a research note on Saturday. Ascendiant Capital Markets increased their price target on shares of SurgePays from $9.00 to $9.50 and gave the company a “buy” rating in a research report on Friday, October 3rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.50.

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.