Insider Selling: SurgePays, Inc. (NASDAQ:SURG) CFO Sells 36,666 Shares of Stock

SurgePays, Inc. (NASDAQ:SURG) CFO Anthony George Evers sold 36,666 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $1.86, for a total value of $68,198.76. Following the completion of the sale, the chief financial officer now directly owns 214,924 shares in the company, valued at $399,758.64. This trade represents a 14.57 % 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 Price Performance

Shares of NASDAQ SURG traded up $0.08 during mid-day trading on Wednesday, reaching $1.92. The company’s stock had a trading volume of 64,553 shares, compared to its average volume of 470,856. The firm has a market capitalization of $38.71 million, a PE ratio of -1.63 and a beta of 1.01. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70. The stock has a fifty day moving average of $1.75 and a two-hundred day moving average of $2.40. SurgePays, Inc. has a 52 week low of $1.33 and a 52 week high of $9.23.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) EPS 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 firm had revenue of $4.77 million for the quarter, compared to the consensus estimate of $8.64 million. During the same period in the previous year, the company posted $0.49 earnings per share. As a group, sell-side analysts anticipate that SurgePays, Inc. will post -1.34 EPS for the current fiscal year.

SurgePays announced that its board has initiated a stock repurchase plan on Tuesday, August 13th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 14.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On SurgePays

Several institutional investors have recently modified their holdings of SURG. Virtu Financial LLC acquired a new stake in shares of SurgePays in the 3rd quarter worth $25,000. Royce & Associates LP purchased a new position in shares of SurgePays during the 3rd quarter valued at about $34,000. Renaissance Technologies LLC purchased a new position in shares of SurgePays in the 2nd quarter valued at about $45,000. Corsair Capital Management L.P. increased 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. Finally, Dimensional Fund Advisors LP increased its stake in SurgePays by 49.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock worth $78,000 after buying an additional 7,998 shares in the last quarter. 6.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets decreased their price target on SurgePays from $9.50 to $9.00 and set a “buy” rating for the company in a research note 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.