Kevin Brian Cox Sells 35,180 Shares of SurgePays, Inc. (NASDAQ:SURG) Stock

SurgePays, Inc. (NASDAQ:SURG) CEO Kevin Brian Cox sold 35,180 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.82, for a total transaction of $64,027.60. Following the completion of the transaction, the chief executive officer now owns 5,770,090 shares in the company, valued at $10,501,563.80. This represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

SurgePays Stock Down 4.3 %

Shares of SURG stock opened at $1.78 on Friday. The firm has a fifty day moving average of $1.76 and a 200-day moving average of $2.40. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08. SurgePays, Inc. has a 12-month low of $1.33 and a 12-month high of $9.23. The company has a market capitalization of $35.88 million, a price-to-earnings ratio of -1.58 and a beta of 1.01.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.51). SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. The company had revenue of $4.77 million for the quarter, compared to the consensus estimate of $8.64 million. During the same period in the prior year, the company earned $0.49 EPS. As a group, equities research analysts predict that SurgePays, Inc. will post -1.34 earnings per share for the current fiscal year.

SurgePays declared that its board has authorized a share repurchase plan on Tuesday, August 13th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 14.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets cut their target price on shares of SurgePays from $9.50 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SURG. Dimensional Fund Advisors LP grew its position in shares of SurgePays by 49.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after acquiring an additional 7,998 shares during the period. Corsair Capital Management L.P. raised its stake in SurgePays by 50.3% in the 3rd quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock worth $55,000 after purchasing an additional 10,000 shares in the last quarter. National Bank of Canada FI raised its stake in SurgePays by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock worth $111,000 after purchasing an additional 12,000 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of SurgePays in the 3rd quarter valued at approximately $25,000. Finally, Renaissance Technologies LLC acquired a new position in shares of SurgePays in the 2nd quarter valued at approximately $45,000. Institutional investors 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.