Insider Selling: SurgePays, Inc. (NASDAQ:SURG) CFO Sells 36,667 Shares of Stock

SurgePays, Inc. (NASDAQ:SURG) CFO Anthony George Evers sold 36,667 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $3.01, for a total value of $110,367.67. Following the completion of the sale, the chief financial officer now directly owns 174,006 shares in the company, valued at approximately $523,758.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

SurgePays Trading Down 6.7 %

SURG traded down $0.21 during midday trading on Wednesday, hitting $2.91. 226,136 shares of the company were exchanged, compared to its average volume of 547,599. The firm’s 50 day moving average price is $3.72 and its 200-day moving average price is $5.21. SurgePays, Inc. has a 1-year low of $2.89 and a 1-year high of $9.23. The firm has a market capitalization of $56.49 million, a P/E ratio of 2.53, a P/E/G ratio of 7.09 and a beta of 1.00. The company has a quick ratio of 5.48, a current ratio of 6.26 and a debt-to-equity ratio of 0.06.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings data on Monday, May 13th. The medical equipment provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.20). The company had revenue of $31.43 million during the quarter, compared to analyst estimates of $32.40 million. SurgePays had a return on equity of 55.35% and a net margin of 12.93%. As a group, equities analysts forecast that SurgePays, Inc. will post 0.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Maxim Group cut shares of SurgePays from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Ascendiant Capital Markets cut their price objective on SurgePays from $10.00 to $9.50 and set a “buy” rating on the stock in a report on Thursday, June 6th.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Oxford Asset Management LLP bought a new stake in shares of SurgePays during the fourth quarter valued at approximately $71,000. FNY Investment Advisers LLC bought a new stake in SurgePays during the 4th quarter valued at $95,000. Jump Financial LLC raised its holdings in SurgePays by 44.7% during the fourth quarter. Jump Financial LLC now owns 16,500 shares of the medical equipment provider’s stock worth $106,000 after buying an additional 5,100 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of SurgePays in the fourth quarter valued at $106,000. Finally, Privium Fund Management B.V. acquired a new position in shares of SurgePays during the first quarter valued at about $109,000. 6.94% of the stock is owned by institutional investors and hedge funds.

About SurgePays

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.