SurgePays (NASDAQ:SURG) Stock Breaks Below Fifty Day Moving Average – Here’s Why

SurgePays, Inc. (NASDAQ:SURG)’s share price crossed 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.

Analyst Upgrades and Downgrades

SURG has been the topic of several research analyst 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 restated a “sell (e+)” rating on shares of SurgePays in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, SurgePays presently has an average rating of “Hold” and an average price target of $3.50.

SurgePays Stock Up 0.3%

The firm has a fifty day simple moving average of $0.15 and a 200 day simple moving average of $0.46.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings data on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.16. Equities research analysts expect that SurgePays, Inc. will post -0.44 earnings per share for the current year.

Institutional Investors Weigh In On SurgePays

Institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers increased its holdings in SurgePays by 43.5% in the 1st quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after buying an additional 20,000 shares during the period. Gaddis Premier Wealth Advisors LLC raised its stake 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 valued at $329,000 after buying an additional 60,363 shares in the last quarter. Finally, Millennium Capital Advisors LLC lifted its holdings in shares of SurgePays by 185.7% during the 3rd quarter. Millennium Capital Advisors LLC now owns 600,000 shares of the medical equipment provider’s stock worth $90,000 after acquiring an additional 390,000 shares during the period. Institutional investors and hedge funds own 6.94% of the company’s stock.

SurgePays Company Profile

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.