Ascendiant Capital Markets Boosts SurgePays (NASDAQ:SURG) Price Target to $8.75

SurgePays (NASDAQ:SURG - Free Report) had its target price increased by Ascendiant Capital Markets from $8.50 to $8.75 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the medical equipment provider's stock.

SurgePays Stock Performance

Shares of NASDAQ:SURG traded up $0.10 on Tuesday, reaching $3.33. The company's stock had a trading volume of 441,552 shares, compared to its average volume of 638,959. The stock has a market capitalization of $67.97 million, a P/E ratio of -2.95 and a beta of 0.57. SurgePays has a 52-week low of $1.05 and a 52-week high of $4.38. The stock's 50-day moving average is $1.85 and its two-hundred day moving average is $1.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70.

SurgePays (NASDAQ:SURG - Get Free Report) last released its earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.66). SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. The company had revenue of $9.59 million during the quarter, compared to analyst estimates of $8.22 million. As a group, sell-side analysts forecast that SurgePays will post -1.66 EPS for the current year.

Institutional Investors Weigh In On SurgePays

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of SurgePays by 11.3% in the 3rd quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider's stock valued at $272,000 after buying an additional 15,039 shares during the period. Virtu Financial LLC acquired a new stake in SurgePays in the third quarter valued at $25,000. Truvestments Capital LLC boosted its position in shares of SurgePays by 20.1% during the 4th quarter. Truvestments Capital LLC now owns 102,002 shares of the medical equipment provider's stock worth $182,000 after purchasing an additional 17,056 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of SurgePays by 43.6% during the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider's stock worth $88,000 after purchasing an additional 15,000 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of SurgePays during the 4th quarter worth $53,000. Hedge funds and other institutional investors 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.