SurgePays, Inc. (NASDAQ:SURG) CFO Anthony George Evers Sells 36,666 Shares

SurgePays, Inc. (NASDAQ:SURG) CFO Anthony George Evers sold 36,666 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $1.86, for a total value of $68,198.76. Following the completion of the transaction, the chief financial officer now owns 214,924 shares in the company, valued at $399,758.64. This represents a 14.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

SurgePays Stock Performance

Shares of SURG traded up $0.08 during midday trading on Wednesday, reaching $1.92. 64,553 shares of the stock were exchanged, compared to its average volume of 470,856. 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, Inc. has a twelve month low of $1.33 and a twelve month high of $9.23. The business’s 50-day moving average price is $1.75 and its 200 day moving average price is $2.40. The company has a market capitalization of $38.71 million, a price-to-earnings ratio of -1.63 and a beta of 1.01.

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

SurgePays announced that its board has initiated a share buyback plan on Tuesday, August 13th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 14.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in SurgePays by 8.2% in the 1st 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 boosted its position in SurgePays by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock valued at $111,000 after buying an additional 12,000 shares during the last quarter. Renaissance Technologies LLC purchased a new position in SurgePays in the 2nd quarter valued at about $45,000. Dimensional Fund Advisors LP raised its stake in shares of SurgePays by 49.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after purchasing an additional 7,998 shares in the last quarter. Finally, Corsair Capital Management L.P. raised its stake in shares of SurgePays by 50.3% in the 3rd quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock valued at $55,000 after purchasing an additional 10,000 shares in the last quarter. 6.94% of the stock is currently owned by institutional investors and hedge funds.

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.