SurgePays (NASDAQ:SURG) Stock Rating Upgraded by Zacks Research

SurgePays (NASDAQ:SURG) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also issued reports on SURG. Ascendiant Capital Markets cut their target price on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a research report on Wednesday, June 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $3.50.

SurgePays Stock Performance

Shares of NASDAQ:SURG opened at $0.30 on Monday. The stock has a market capitalization of $7.57 million, a price-to-earnings ratio of -0.16 and a beta of 0.42. The stock’s 50-day simple moving average is $0.36 and its two-hundred day simple moving average is $0.63. SurgePays has a 52-week low of $0.20 and a 52-week high of $3.14.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.32). The business had revenue of $15.98 million during the quarter, compared to analyst estimates of $15.49 million. As a group, equities analysts forecast that SurgePays will post -0.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SURG. Cetera Investment Advisers increased its stake in SurgePays by 43.5% in the 1st quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock worth $50,000 after buying an additional 20,000 shares in the last quarter. Gaddis Premier Wealth Advisors LLC raised its holdings in SurgePays by 16.0% during the first quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock valued at $329,000 after acquiring an additional 60,363 shares during the period. Squarepoint Ops LLC purchased a new position in shares of SurgePays in the fourth quarter valued at about $52,000. Millennium Capital Advisors LLC purchased a new position in shares of SurgePays in the fourth quarter valued at about $142,000. Finally, CIBC Private Wealth Group LLC bought a new position in shares of SurgePays in the third quarter worth about $211,000. Institutional investors own 6.94% of the company’s stock.

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.