David Allen May Acquires 38,422 Shares of SurgePays (NASDAQ:SURG) Stock

SurgePays, Inc. (NASDAQ:SURG) Director David Allen May purchased 38,422 shares of the stock in a transaction on Wednesday, December 10th. The stock was acquired at an average price of $1.60 per share, for a total transaction of $61,475.20. Following the completion of the purchase, the director directly owned 158,116 shares in the company, valued at approximately $252,985.60. The trade was a 32.10% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

SurgePays Trading Up 0.7%

SurgePays stock opened at $1.48 on Friday. The company has a market cap of $31.14 million, a price-to-earnings ratio of -0.69 and a beta of 0.44. The firm has a 50-day moving average of $2.33 and a 200-day moving average of $2.66. The company has a debt-to-equity ratio of 101.87, a current ratio of 0.52 and a quick ratio of 0.41. SurgePays, Inc. has a one year low of $1.05 and a one year high of $3.47.

SurgePays (NASDAQ:SURG) last released its earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.21). SurgePays had a negative return on equity of 967.32% and a negative net margin of 83.42%.The company had revenue of $18.68 million for the quarter, compared to the consensus estimate of $18.12 million. On average, equities analysts expect that SurgePays, Inc. will post -1.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in SurgePays by 5.7% during the third quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock worth $1,846,000 after acquiring an additional 35,286 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of SurgePays during the third quarter worth approximately $320,000. CIBC Private Wealth Group LLC acquired a new stake in SurgePays during the 3rd quarter worth approximately $211,000. Jones Financial Companies Lllp boosted its stake in SurgePays by 34,091.3% in 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, Ethos Financial Group LLC grew its holdings in 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 buying an additional 21,186 shares in the last quarter. 6.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SURG shares. Wall Street Zen raised SurgePays from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SurgePays in a research note on Monday. Finally, Ascendiant Capital Markets boosted their price objective on shares of SurgePays from $9.00 to $9.50 and gave the stock a “buy” rating in a research note on Friday, October 3rd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price 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.