Ascendiant Capital Markets Boosts SurgePays (NASDAQ:SURG) Price Target to $9.00

SurgePays (NASDAQ:SURG) had its price objective hoisted by Ascendiant Capital Markets from $8.75 to $9.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the medical equipment provider’s stock.

Separately, Wall Street Zen raised shares of SurgePays from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd.

SurgePays Stock Up 4.5%

SURG stock opened at $2.81 on Monday. The firm’s 50-day moving average is $2.80 and its two-hundred day moving average is $2.04. The company has a current ratio of 1.72, a quick ratio of 1.41 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $57.35 million, a price-to-earnings ratio of -1.01 and a beta of 0.43. SurgePays has a 52 week low of $1.05 and a 52 week high of $3.52.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings data on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.02. SurgePays had a negative return on equity of 206.01% and a negative net margin of 136.37%. The business had revenue of $10.58 million during the quarter, compared to analyst estimates of $9.80 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. On average, analysts forecast that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SurgePays

A number of institutional investors have recently modified their holdings of SURG. Geode Capital Management LLC boosted its position in SurgePays by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider’s stock valued at $278,000 after purchasing an additional 8,097 shares during the last quarter. D.A. Davidson & CO. bought a new stake in shares of SurgePays during the 1st quarter worth about $25,000. Goldman Sachs Group Inc. bought a new stake in shares of SurgePays during the 1st quarter worth $28,000. Renaissance Technologies LLC grew its position in shares of SurgePays by 43.6% in the fourth quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock valued at $88,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new stake in SurgePays in the 1st quarter valued at approximately $35,000. 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.