SurgePays (NASDAQ:SURG) Posts Earnings Results, Misses Expectations By $0.21 EPS

SurgePays (NASDAQ:SURG) issued its quarterly earnings results on Wednesday. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.21), Zacks reports. SurgePays had a negative return on equity of 333.87% and a negative net margin of 133.85%.

SurgePays Trading Down 13.5%

NASDAQ SURG traded down $0.39 during trading hours on Wednesday, reaching $2.47. The company had a trading volume of 281,394 shares, compared to its average volume of 564,972. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 101.87. The stock has a market capitalization of $50.36 million, a P/E ratio of -0.99 and a beta of 0.42. The stock has a 50-day moving average of $2.78 and a 200 day moving average of $2.83. SurgePays has a 1-year low of $1.05 and a 1-year high of $3.47.

Wall Street Analysts Forecast Growth

SURG has been the topic of several recent research reports. Ascendiant Capital Markets lifted their target price on shares of SurgePays from $9.00 to $9.50 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Wall Street Zen downgraded shares of SurgePays from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, SurgePays currently has an average rating of “Hold” and an average target price of $9.50.

Hedge Funds Weigh In On SurgePays

Several large investors have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new stake in SurgePays in the second quarter valued at approximately $42,000. Goldman Sachs Group Inc. acquired a new position in SurgePays in the 1st quarter valued at about $28,000. NewEdge Advisors LLC boosted its stake in shares of SurgePays by 46.2% in the second 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. XTX Topco Ltd purchased a new position in SurgePays in the 2nd quarter valued at approximately $125,000. Finally, Cetera Investment Advisers boosted its holdings in SurgePays by 61.0% in the second quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after purchasing an additional 17,200 shares during the period. 6.94% of the stock is currently owned by institutional investors and hedge funds.

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.