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

SurgePays (NASDAQ:SURG) had its price objective decreased by Ascendiant Capital Markets from $9.75 to $5.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a report on Monday, December 29th. Wall Street Zen raised SurgePays to a “sell” rating in a report on Saturday, January 3rd. Finally, Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a report on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, SurgePays has an average rating of “Hold” and an average price target of $5.00.

SurgePays Stock Up 17.6%

Shares of SURG opened at $0.65 on Friday. The stock has a 50 day moving average price of $0.81 and a 200 day moving average price of $1.61. The company has a market capitalization of $15.15 million, a price-to-earnings ratio of -0.36 and a beta of 0.54. SurgePays has a 52-week low of $0.46 and a 52-week high of $3.47.

Institutional Investors Weigh In On SurgePays

Several large investors have recently modified their holdings of the company. Squarepoint Ops LLC acquired a new stake in shares of SurgePays in the fourth quarter valued at approximately $52,000. Gaddis Premier Wealth Advisors LLC acquired a new stake in shares of SurgePays in the fourth quarter valued at approximately $631,000. Millennium Capital Advisors LLC acquired a new stake in shares of SurgePays in the fourth quarter valued at approximately $142,000. CIBC Private Wealth Group LLC acquired a new stake in shares of SurgePays in the third quarter valued at approximately $211,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of SurgePays in the third quarter valued at approximately $320,000. 6.94% of the stock is owned by institutional investors and hedge funds.

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.