SurgePays (NASDAQ:SURG) Share Price Breaks Below 50 Day Moving Average – What’s Next?

SurgePays, Inc. (NASDAQ:SURG)’s share price passed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $0.15 and traded as low as $0.1460. SurgePays shares last traded at $0.1499, with a volume of 2,521,398 shares changing hands.

Analysts Set New Price Targets

SURG has been the topic of a number of recent research reports. Zacks Research upgraded shares of SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.50.

SurgePays Stock Down 5.3%

The company has a market capitalization of $9.30 million, a PE ratio of -0.10 and a beta of 0.38. The stock’s fifty day moving average price is $0.15 and its two-hundred day moving average price is $0.47.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.16. On average, equities research analysts forecast that SurgePays, Inc. will post -0.44 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Large investors have recently made changes to their positions in the business. Gaddis Premier Wealth Advisors LLC grew its position 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 buying an additional 60,363 shares during the last quarter. Millennium Capital Advisors LLC raised its holdings in shares of SurgePays by 185.7% during the third quarter. Millennium Capital Advisors LLC now owns 600,000 shares of the medical equipment provider’s stock valued at $90,000 after acquiring an additional 390,000 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in shares of 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 acquiring an additional 20,000 shares in the last quarter. 6.94% of the stock is currently owned by institutional investors.

About SurgePays

SurgePays, Inc. (NASDAQ:SURG) is a financial technology and telecommunications company that provides connectivity and payment solutions to underserved consumers and small businesses. The company operates through businesses focused on wireless broadband services, prepaid wireless products, and electronic payment processing. Its telecommunications operations provide mobile broadband and wireless services, including offerings designed for consumers who qualify for government-supported connectivity programs such as the federal Lifeline program.