SurgePays (NASDAQ:SURG) Releases Quarterly Earnings Results

SurgePays (NASDAQ:SURG) posted its quarterly earnings results on Wednesday. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.21), Zacks reports. SurgePays had a negative net margin of 133.85% and a negative return on equity of 333.87%. The company had revenue of $18.68 million during the quarter, compared to the consensus estimate of $18.12 million.

SurgePays Trading Down 14.7%

SurgePays stock opened at $2.43 on Thursday. SurgePays has a 52 week low of $1.05 and a 52 week high of $3.47. The company has a debt-to-equity ratio of 101.87, a quick ratio of 0.84 and a current ratio of 1.11. The firm has a market capitalization of $49.64 million, a PE ratio of -0.98 and a beta of 0.42. The business’s 50-day simple moving average is $2.77 and its 200-day simple moving average is $2.82.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SURG. Goldman Sachs Group Inc. bought a new stake in shares of SurgePays in the first quarter valued at approximately $28,000. Jane Street Group LLC bought a new position in SurgePays during the second quarter worth $42,000. NewEdge Advisors LLC raised 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 during the last quarter. Jones Financial Companies Lllp boosted its holdings in SurgePays by 34,091.3% in the 1st quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock valued at $106,000 after purchasing an additional 51,137 shares during the period. Finally, XTX Topco Ltd acquired a new stake in SurgePays in the 2nd quarter worth $125,000. 6.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a report on Wednesday, October 8th. Ascendiant Capital Markets increased their price objective on SurgePays from $9.00 to $9.50 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Wall Street Zen downgraded SurgePays from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $9.50.

About SurgePays

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.