Insider Selling: SurgePays, Inc. (NASDAQ:SURG) CEO Sells 35,180 Shares of Stock

SurgePays, Inc. (NASDAQ:SURG) CEO Kevin Brian Cox sold 35,180 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.82, for a total transaction of $64,027.60. Following the sale, the chief executive officer now directly owns 5,770,090 shares in the company, valued at $10,501,563.80. This trade represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

SurgePays Stock Performance

NASDAQ SURG traded up $0.08 on Wednesday, hitting $1.92. 64,553 shares of the stock were exchanged, compared to its average volume of 470,856. SurgePays, Inc. has a 52 week low of $1.33 and a 52 week high of $9.23. The company has a market capitalization of $38.71 million, a PE ratio of -1.70 and a beta of 1.01. The business’s fifty day moving average is $1.75 and its 200 day moving average is $2.40. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70.

SurgePays (NASDAQ:SURG) last released its quarterly earnings data on Tuesday, November 12th. The medical equipment provider reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.51). SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. The company had revenue of $4.77 million during the quarter, compared to analyst estimates of $8.64 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Research analysts anticipate that SurgePays, Inc. will post -1.34 EPS for the current fiscal year.

SurgePays declared that its board has approved a stock buyback plan on Tuesday, August 13th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 14.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On SurgePays

Several institutional investors and hedge funds have recently modified their holdings of SURG. Vanguard Group Inc. grew its stake in shares of SurgePays by 8.2% in the first quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock valued at $1,946,000 after acquiring an additional 38,195 shares in the last quarter. National Bank of Canada FI grew its stake in shares of SurgePays by 50.0% in the second quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock valued at $111,000 after acquiring an additional 12,000 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SurgePays by 49.0% in the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after acquiring an additional 7,998 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of SurgePays in the second quarter valued at about $45,000. Finally, Royce & Associates LP acquired a new position in shares of SurgePays in the third quarter valued at about $34,000. 6.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets dropped their price target on shares of SurgePays from $9.50 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th.

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.