Wall Street Zen Downgrades SurgePays (NASDAQ:SURG) to Sell

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

A number of other analysts also recently commented on SURG. Ascendiant Capital Markets boosted their target price on shares of SurgePays from $9.00 to $9.50 and gave the stock a “buy” rating in a report on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.50.

SurgePays Price Performance

Shares of SURG traded down $0.07 during midday trading on Friday, reaching $2.41. The stock had a trading volume of 260,015 shares, compared to its average volume of 98,147. The company has a debt-to-equity ratio of 101.87, a current ratio of 1.11 and a quick ratio of 0.84. The company has a market capitalization of $49.24 million, a P/E ratio of -0.97 and a beta of 0.42. The firm’s 50 day moving average price is $2.78 and its 200-day moving average price is $2.83. SurgePays has a 52 week low of $1.05 and a 52 week high of $3.47.

SurgePays (NASDAQ:SURG) last announced its earnings results on Wednesday, August 13th. The medical equipment provider reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.05). SurgePays had a negative net margin of 133.85% and a negative return on equity of 333.87%. The firm had revenue of $11.52 million for the quarter, compared to the consensus estimate of $16.14 million. SurgePays has set its FY 2025 guidance at EPS. On average, analysts forecast that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. D.A. Davidson & CO. purchased a new stake in shares of SurgePays in the 1st quarter valued at approximately $25,000. Baader Bank Aktiengesellschaft purchased a new position in SurgePays during the 1st quarter worth approximately $35,000. Ethos Financial Group LLC acquired a new stake in SurgePays during the 1st quarter valued at $57,000. Jones Financial Companies Lllp lifted its holdings in shares of SurgePays by 34,091.3% in the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock valued at $106,000 after purchasing an additional 51,137 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of SurgePays in the first quarter valued at $28,000. 6.94% of the stock is owned by hedge funds and other institutional investors.

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.