SurgePays, Inc. (NASDAQ:SURG) CEO Kevin Brian Cox Sells 35,180 Shares

SurgePays, Inc. (NASDAQ:SURG) CEO Kevin Brian Cox sold 35,180 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.82, for a total value of $64,027.60. Following the completion of the sale, the chief executive officer now directly owns 5,770,090 shares in the company, valued at $10,501,563.80. This trade represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

SurgePays Trading Up 1.1 %

SURG stock opened at $1.86 on Thursday. SurgePays, Inc. has a 1-year low of $1.33 and a 1-year high of $9.23. The business has a fifty day moving average price of $1.76 and a 200-day moving average price of $2.40. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.51). SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. The business had revenue of $4.77 million during the quarter, compared to analysts’ expectations of $8.64 million. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, equities research analysts anticipate that SurgePays, Inc. will post -1.34 EPS for the current year.

SurgePays declared that its board has authorized a stock buyback program on Tuesday, August 13th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 14.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets dropped their target price on SurgePays from $9.50 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in SurgePays by 8.2% during the first quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock valued at $1,946,000 after acquiring an additional 38,195 shares during the last quarter. National Bank of Canada FI increased its position in SurgePays by 50.0% during the second quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock valued at $111,000 after acquiring an additional 12,000 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in SurgePays during the second quarter valued at $45,000. Dimensional Fund Advisors LP increased its position in SurgePays by 49.0% during the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after acquiring an additional 7,998 shares during the last quarter. Finally, Corsair Capital Management L.P. increased its position in SurgePays by 50.3% during the third quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock valued at $55,000 after acquiring an additional 10,000 shares during 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.