SurgePays, Inc. (NASDAQ:SURG) CFO Sells $68,198.76 in Stock

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

SurgePays Stock Performance

NASDAQ SURG opened at $1.78 on Friday. The firm has a 50-day moving average of $1.76 and a 200-day moving average 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. The stock has a market cap of $35.88 million, a PE ratio of -1.58 and a beta of 1.01. SurgePays, Inc. has a 52-week low of $1.33 and a 52-week high of $9.23.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings data 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). The business had revenue of $4.77 million during the quarter, compared to analyst estimates of $8.64 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 firm earned $0.49 EPS. On average, sell-side analysts anticipate that SurgePays, Inc. will post -1.34 EPS for the current year.

SurgePays announced that its board has authorized a share buyback program on Tuesday, August 13th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 14.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On SurgePays

A number of institutional investors have recently added to or reduced their stakes in SURG. Virtu Financial LLC bought a new stake in SurgePays during the 3rd quarter worth approximately $25,000. Royce & Associates LP acquired a new position in shares of SurgePays in the 3rd quarter worth approximately $34,000. Renaissance Technologies LLC acquired a new position in shares of SurgePays in the 2nd quarter worth approximately $45,000. Corsair Capital Management L.P. lifted its position 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 worth $55,000 after purchasing an additional 10,000 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position 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 worth $78,000 after purchasing an additional 7,998 shares during the period. 6.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets decreased their price objective on shares of SurgePays from $9.50 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th.

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.