Wall Street Zen Upgrades SurgePays (NASDAQ:SURG) to Hold

SurgePays (NASDAQ:SURG) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Separately, Ascendiant Capital Markets lifted their target price on SurgePays from $8.50 to $8.75 and gave the company a “buy” rating in a research report on Tuesday, April 22nd.

SurgePays Stock Down 3.2%

Shares of SURG opened at $3.06 on Thursday. The firm has a market cap of $62.46 million, a P/E ratio of -2.71 and a beta of 0.51. SurgePays has a 12-month low of $1.05 and a 12-month high of $4.38. The company’s 50-day moving average price is $2.50 and its 200 day moving average price is $1.90. The company has a current ratio of 6.24, a quick ratio of 4.70 and a debt-to-equity ratio of 0.08.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.02. The firm had revenue of $10.58 million for the quarter, compared to analyst estimates of $9.80 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same period in the previous year, the firm earned $0.07 EPS. On average, sell-side analysts forecast that SurgePays will post -1.66 earnings per share for the current year.

Hedge Funds Weigh In On SurgePays

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in SurgePays by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider’s stock valued at $278,000 after acquiring an additional 8,097 shares in the last quarter. D.A. Davidson & CO. acquired a new position in SurgePays in the 1st quarter valued at about $25,000. Goldman Sachs Group Inc. acquired a new position in SurgePays in the 1st quarter valued at about $28,000. Renaissance Technologies LLC grew its position in SurgePays by 43.6% in the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock valued at $88,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of SurgePays during the first quarter worth about $35,000. 6.94% of the stock is owned by institutional investors and hedge funds.

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.