SurgePays (NASDAQ:SURG) Price Target Raised to $9.50

SurgePays (NASDAQ:SURG) had its target price hoisted by Ascendiant Capital Markets from $9.00 to $9.50 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

Separately, Wall Street Zen upgraded SurgePays from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. One 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 stock has a consensus rating of “Hold” and an average price target of $9.50.

SurgePays Stock Performance

NASDAQ:SURG opened at $2.71 on Friday. The company has a market cap of $55.37 million, a P/E ratio of -1.09 and a beta of 0.43. The firm’s 50 day moving average is $2.73 and its two-hundred day moving average is $2.74. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $3.47. The company has a quick ratio of 0.84, a current ratio of 1.11 and a debt-to-equity ratio of 101.87.

SurgePays (NASDAQ:SURG) last released its quarterly earnings data on Wednesday, August 13th. The medical equipment provider reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.05). The firm had revenue of $11.52 million for the quarter, compared to analyst estimates of $16.14 million. SurgePays had a negative return on equity of 333.87% and a negative net margin of 133.85%. SurgePays has set its FY 2025 guidance at EPS. Analysts expect that SurgePays will post -1.66 EPS for the current year.

Hedge Funds Weigh In On SurgePays

Institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC bought a new stake in shares of SurgePays in the second quarter worth $42,000. NewEdge Advisors LLC grew its holdings in SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after acquiring an additional 6,000 shares in the last quarter. XTX Topco Ltd acquired a new position in SurgePays during the 2nd quarter worth $125,000. Cetera Investment Advisers increased its position in shares of SurgePays by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock worth $141,000 after purchasing an additional 17,200 shares during the last quarter. Finally, Ethos Financial Group LLC raised its stake in shares of SurgePays by 76.8% in the 2nd quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider’s stock valued at $152,000 after purchasing an additional 21,186 shares in the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

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.