SurgePays (NASDAQ:SURG) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

SurgePays, Inc. (NASDAQ:SURG)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.84 and traded as high as $2.74. SurgePays shares last traded at $2.64, with a volume of 248,803 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets raised their price target on SurgePays from $8.50 to $8.75 and gave the company a “buy” rating in a report on Tuesday, April 22nd.

SurgePays Trading Up 4.3%

The stock has a market cap of $53.89 million, a PE ratio of -2.34 and a beta of 0.51. The stock has a 50-day moving average price of $2.28 and a two-hundred day moving average price of $1.84. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.02. The firm had revenue of $10.58 million during the quarter, compared to analyst estimates of $9.80 million. SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. During the same quarter last year, the business posted $0.07 earnings per share. Sell-side analysts forecast that SurgePays, Inc. will post -1.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in SurgePays by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider’s stock worth $278,000 after acquiring an additional 8,097 shares in the last quarter. D.A. Davidson & CO. purchased a new position in SurgePays in the first quarter worth about $25,000. Renaissance Technologies LLC grew its position in SurgePays by 43.6% in the fourth quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock worth $88,000 after acquiring an additional 15,000 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in SurgePays in the first quarter worth about $35,000. Finally, Truvestments Capital LLC grew its position in SurgePays by 20.1% in the fourth quarter. Truvestments Capital LLC now owns 102,002 shares of the medical equipment provider’s stock worth $182,000 after acquiring an additional 17,056 shares in the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

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.