SurgePays (NASDAQ:SURG) Raised to “Hold” at Zacks Research

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

A number of other research firms also recently commented on SURG. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. Ascendiant Capital Markets cut their price objective on SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SurgePays presently has an average rating of “Hold” and an average target price of $3.50.

SurgePays Stock Down 0.2%

Shares of SURG stock opened at $0.30 on Monday. SurgePays has a 12-month low of $0.20 and a 12-month high of $3.14. The firm has a fifty day moving average of $0.36 and a 200-day moving average of $0.63. The firm has a market capitalization of $7.57 million, a price-to-earnings ratio of -0.16 and a beta of 0.42.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data on Wednesday, May 20th. The medical equipment provider reported ($0.51) EPS 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 analyst estimates of $15.49 million. Research analysts expect that SurgePays will post -0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SURG. Jones Financial Companies Lllp lifted its holdings in shares of SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after purchasing an additional 51,137 shares during the period. Goldman Sachs Group Inc. acquired a new position in shares of SurgePays in the first quarter worth approximately $28,000. Cetera Investment Advisers lifted its stake in shares of SurgePays by 61.0% in the second quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock worth $141,000 after acquiring an additional 17,200 shares during the period. XTX Topco Ltd acquired a new position in shares of SurgePays in the second quarter worth approximately $125,000. Finally, 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. Institutional investors and hedge funds 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.