Key Points
- SurgePays director David Allen May bought 34,716 shares on June 5 at an average price of $0.53, spending about $18,399 and increasing his stake by 28.48% to 156,626 shares.
- May also made smaller purchases on June 3 and June 4, adding to a recent pattern of insider buying in the stock.
- SurgePays has been under pressure operationally and in the market: the stock was trading near $0.47, its latest quarter missed EPS estimates, and analysts currently rate it “Reduce” on average.
SurgePays, Inc. (NASDAQ:SURG - Get Free Report) Director David Allen May acquired 34,716 shares of SurgePays stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $0.53 per share, with a total value of $18,399.48. Following the completion of the purchase, the director owned 156,626 shares in the company, valued at $83,011.78. This represents a 28.48% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
David Allen May also recently made the following trade(s):
- On Thursday, June 4th, David Allen May acquired 121 shares of SurgePays stock. The shares were purchased at an average price of $0.53 per share, with a total value of $64.13.
- On Wednesday, June 3rd, David Allen May acquired 5,413 shares of SurgePays stock. The shares were purchased at an average price of $0.53 per share, with a total value of $2,868.89.
SurgePays Stock Performance
NASDAQ:SURG opened at $0.47 on Friday. The firm has a market cap of $11.81 million, a P/E ratio of -0.24 and a beta of 0.31. SurgePays, Inc. has a fifty-two week low of $0.46 and a fifty-two week high of $3.45. The firm has a 50-day simple moving average of $0.61 and a two-hundred day simple moving average of $1.10.
SurgePays (NASDAQ:SURG - Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.32). The firm had revenue of $15.98 million for the quarter, compared to the consensus estimate of $15.50 million. SurgePays had a negative net margin of 64.91% and a negative return on equity of 967.32%. On average, equities research analysts predict that SurgePays, Inc. will post -0.44 EPS for the current year.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on SURG shares. Weiss Ratings restated a "sell (e+)" rating on shares of SurgePays in a research note on Friday, May 22nd. Zacks Research lowered shares of SurgePays from a "hold" rating to a "strong sell" rating in a research note on Friday, May 15th. Finally, Ascendiant Capital Markets reduced their price target on shares of SurgePays from $9.75 to $5.00 and set a "buy" rating for the company in a research note on Friday, April 17th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, SurgePays presently has a consensus rating of "Reduce" and a consensus target price of $5.00.
Check Out Our Latest Report on SURG
Hedge Funds Weigh In On SurgePays
A number of institutional investors and hedge funds have recently made changes to their positions in SURG. Jones Financial Companies Lllp boosted 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 worth $106,000 after buying an additional 51,137 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in shares of SurgePays in the first quarter worth approximately $28,000. Cetera Investment Advisers boosted its holdings in shares of SurgePays by 61.0% in the second quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider's stock worth $141,000 after buying an additional 17,200 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of SurgePays in the second quarter worth approximately $125,000. Finally, NewEdge Advisors LLC boosted its holdings 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 worth $59,000 after buying an additional 6,000 shares during the last quarter. Hedge funds and other institutional investors own 6.94% of the company's stock.
About SurgePays
(
Get Free Report)
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.
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