SurgePays (NASDAQ:SURG) Director Buys $18,399.48 in Stock

SurgePays, Inc. (NASDAQ:SURG) Director David Allen May purchased 34,716 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average price of $0.53 per share, for a total transaction of $18,399.48. Following the acquisition, the director owned 156,626 shares of the company’s stock, valued at $83,011.78. This represents a 28.48% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

David Allen May also recently made the following trade(s):

• On Thursday, June 4th, David Allen May purchased 121 shares of SurgePays stock. The stock was bought at an average price of $0.53 per share, for a total transaction of $64.13.
• On Wednesday, June 3rd, David Allen May purchased 5,413 shares of SurgePays stock. The stock was bought at an average price of $0.53 per share, for a total transaction of $2,868.89.

SurgePays Stock Performance

Shares of NASDAQ SURG traded down $0.07 during mid-day trading on Friday, hitting $0.47. 856,622 shares of the stock traded hands, compared to its average volume of 321,900. SurgePays, Inc. has a 52 week low of $0.46 and a 52 week high of $3.45. The company has a market cap of $11.81 million, a price-to-earnings ratio of -0.24 and a beta of 0.31. The stock has a fifty day moving average price of $0.62 and a 200-day moving average price of $1.11.

SurgePays (NASDAQ:SURG) last announced its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.32). The business had revenue of $15.98 million for the quarter, compared to the consensus estimate of $15.50 million. SurgePays had a negative net margin of 64.91% and a negative return on equity of 967.32%. As a group, sell-side analysts predict that SurgePays, Inc. will post -0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On SurgePays

Several hedge funds and other institutional investors have recently made changes to their positions in SURG. Jones Financial Companies Lllp increased its position in shares of SurgePays by 34,091.3% during 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 last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of SurgePays during the 1st quarter valued at about $28,000. Cetera Investment Advisers increased its position 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 purchasing an additional 17,200 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of SurgePays during the 2nd quarter valued at about $125,000. Finally, NewEdge Advisors LLC increased its position in shares of SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after purchasing an additional 6,000 shares during the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Analyst Upgrades and Downgrades

SURG has been the subject of a number of recent analyst reports. Ascendiant Capital Markets decreased their target price on SurgePays from $9.75 to $5.00 and set a “buy” rating for the company in a research report on Friday, April 17th. Zacks Research lowered SurgePays from a “hold” rating to a “strong sell” rating in a research report on Friday, May 15th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $5.00.

About SurgePays

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.