Ascendiant Capital Markets Issues Pessimistic Forecast for SurgePays (NASDAQ:SURG) Stock Price

SurgePays (NASDAQ:SURG) had its price target decreased by Ascendiant Capital Markets from $5.00 to $3.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock.

Other equities research analysts have also recently issued reports about the company. Zacks Research cut SurgePays from a “hold” rating to a “strong sell” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $3.50.

SurgePays Price Performance

Shares of NASDAQ:SURG opened at $0.50 on Wednesday. The company has a market capitalization of $12.56 million, a price-to-earnings ratio of -0.26 and a beta of 0.31. SurgePays has a 52 week low of $0.46 and a 52 week high of $3.45. The firm has a 50 day moving average of $0.60 and a 200 day moving average of $1.08.

SurgePays (NASDAQ:SURG) last posted its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.32). The company had revenue of $15.98 million for the quarter, compared to analysts’ expectations of $15.50 million. SurgePays had a negative return on equity of 967.32% and a negative net margin of 64.91%. On average, sell-side analysts expect that SurgePays will post -0.44 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. purchased a new stake in shares of SurgePays during the first quarter worth about $28,000. Jane Street Group LLC acquired a new stake in SurgePays in the 2nd quarter worth approximately $42,000. Cetera Investment Advisers grew its position in SurgePays by 43.5% during the 1st quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock worth $50,000 after purchasing an additional 20,000 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in SurgePays during the 4th quarter worth approximately $52,000. Finally, NewEdge Advisors LLC increased its stake in 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 in the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

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.