Traders Buy Large Volume of Call Options on SurgePays (NASDAQ:SURG)

SurgePays, Inc. (NASDAQ:SURG) saw unusually large options trading activity on Wednesday. Stock traders bought 2,150 call options on the company. This represents an increase of 2,656% compared to the typical daily volume of 78 call options.

Institutional Investors Weigh In On SurgePays

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in SurgePays during the 3rd quarter valued at $25,000. XTX Topco Ltd acquired a new position in SurgePays during the fourth quarter valued at $53,000. Jane Street Group LLC purchased a new stake in SurgePays in the 4th quarter worth about $54,000. Corsair Capital Management L.P. boosted its position in SurgePays by 50.3% during the 3rd quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock worth $55,000 after acquiring an additional 10,000 shares during the period. Finally, Renaissance Technologies LLC grew its stake in SurgePays by 43.6% during the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock valued at $88,000 after acquiring an additional 15,000 shares in the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lowered their price objective on shares of SurgePays from $9.00 to $8.50 and set a “buy” rating on the stock in a research note on Monday, December 16th.

SurgePays Price Performance

Shares of NASDAQ:SURG opened at $2.18 on Friday. The company has a market capitalization of $43.95 million, a PE ratio of -1.93 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24. The stock has a fifty day moving average of $1.41 and a 200-day moving average of $1.62. SurgePays has a one year low of $1.05 and a one year high of $4.38.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.66). The company had revenue of $9.59 million during the quarter, compared to analyst estimates of $8.22 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. As a group, equities analysts anticipate that SurgePays will post -1.66 EPS for the current fiscal year.

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.