Ascendiant Capital Markets Issues Pessimistic Forecast for SurgePays (NASDAQ:SURG) Stock Price

SurgePays (NASDAQ:SURG) had its price target dropped by equities researchers at Ascendiant Capital Markets from $9.75 to $5.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock.

Other analysts have also issued reports about the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research note on Monday, December 29th. Wall Street Zen upgraded shares of SurgePays to a “sell” rating in a research note on Saturday, January 3rd. Finally, Zacks Research upgraded shares of SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.00.

SurgePays Price Performance

Shares of NASDAQ:SURG opened at $0.65 on Friday. The firm has a market capitalization of $15.15 million, a PE ratio of -0.36 and a beta of 0.54. The firm’s 50-day moving average is $0.81 and its two-hundred day moving average is $1.61. SurgePays has a 1 year low of $0.46 and a 1 year high of $3.47.

Hedge Funds Weigh In On SurgePays

A number of institutional investors and hedge funds have recently made changes to their positions in SURG. Gaddis Premier Wealth Advisors LLC acquired a new position in shares of SurgePays during the fourth quarter worth about $631,000. CIBC Bancorp USA Inc. acquired a new position in shares of SurgePays during the third quarter worth about $320,000. Millennium Capital Advisors LLC acquired a new position in shares of SurgePays during the fourth quarter worth about $142,000. CIBC Private Wealth Group LLC acquired a new position in shares of SurgePays during the third quarter worth about $211,000. Finally, Jones Financial Companies Lllp grew its position in shares of SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after buying an additional 51,137 shares in the last quarter. 6.94% of the stock is 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.