SurgePays (NASDAQ:SURG) Downgraded to “Sell” Rating by Wall Street Zen

SurgePays (NASDAQ:SURG) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other research analysts have also issued reports on the stock. Ascendiant Capital Markets raised their target price on shares of SurgePays from $9.00 to $9.50 and gave the company a “buy” rating in a research note on Friday, October 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.50.

SurgePays Stock Down 2.8%

SURG traded down $0.07 during trading on Friday, reaching $2.41. 260,015 shares of the stock traded hands, compared to its average volume of 98,147. The stock’s 50-day simple moving average is $2.78 and its two-hundred day simple moving average is $2.83. The company has a debt-to-equity ratio of 101.87, a current ratio of 1.11 and a quick ratio of 0.84. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $3.47. The stock has a market cap of $49.24 million, a price-to-earnings ratio of -0.97 and a beta of 0.42.

SurgePays (NASDAQ:SURG) last posted its earnings results on Wednesday, August 13th. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.05). The business had revenue of $11.52 million during the quarter, compared to analyst estimates of $16.14 million. SurgePays had a negative net margin of 133.85% and a negative return on equity of 333.87%. SurgePays has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that SurgePays will post -1.66 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of SurgePays by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock valued at $1,846,000 after acquiring an additional 35,286 shares in the last quarter. James Investment Research Inc. lifted its stake in SurgePays by 71.1% during the third quarter. James Investment Research Inc. now owns 32,500 shares of the medical equipment provider’s stock worth $91,000 after purchasing an additional 13,500 shares during the period. Gerber LLC acquired a new stake in SurgePays during the third quarter valued at approximately $38,000. Jane Street Group LLC acquired a new stake in SurgePays during the second quarter valued at approximately $42,000. Finally, NewEdge Advisors LLC grew its stake in shares of SurgePays by 46.2% in 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 period. Institutional investors and hedge funds own 6.94% of the company’s stock.

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.