SurgePays (NASDAQ:SURG) Issues Earnings Results, Beats Estimates By $0.16 EPS

SurgePays (NASDAQ:SURG) released its earnings results on Friday. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.16, Zacks reports. The company had revenue of $16.20 million during the quarter, compared to analysts’ expectations of $13.80 million.

SurgePays Price Performance

SurgePays stock opened at $0.28 on Friday. The stock has a fifty day moving average price of $0.35 and a two-hundred day moving average price of $0.61. SurgePays has a 52-week low of $0.20 and a 52-week high of $3.14. The firm has a market capitalization of $7.08 million, a P/E ratio of -0.18 and a beta of 0.42.

Institutional Investors Weigh In On SurgePays

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC bought a new position in shares of SurgePays in the second quarter valued at about $42,000. Goldman Sachs Group Inc. acquired a new stake in shares of SurgePays in the 1st quarter valued at $28,000. NewEdge Advisors LLC boosted its holdings in SurgePays by 46.2% in the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after acquiring an additional 6,000 shares during the last quarter. Squarepoint Ops LLC bought a new stake in SurgePays during the 4th quarter worth about $52,000. Finally, XTX Topco Ltd acquired a new stake in shares of SurgePays during the 2nd quarter worth approximately $125,000. 6.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Ascendiant Capital Markets lowered their target price on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating on the stock in a research report on Wednesday, June 10th. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. Finally, Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.50.

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.