SurgePays, Inc. (NASDAQ:SURG) Shares Bought by Truvestments Capital LLC

Truvestments Capital LLC grew its holdings in SurgePays, Inc. (NASDAQ:SURG) by 23.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,946 shares of the medical equipment provider’s stock after buying an additional 15,956 shares during the quarter. Truvestments Capital LLC’s holdings in SurgePays were worth $156,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in SurgePays in the 2nd quarter valued at about $45,000. Royce & Associates LP purchased a new position in shares of SurgePays in the third quarter valued at approximately $34,000. Dimensional Fund Advisors LP boosted its stake in shares of SurgePays by 49.0% in the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock worth $78,000 after acquiring an additional 7,998 shares during the last quarter. National Bank of Canada FI increased its position in shares of 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 worth $111,000 after purchasing an additional 12,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake 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 purchasing an additional 38,195 shares during the last quarter. 6.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Transactions at SurgePays

In other news, CFO Anthony George Evers sold 33,334 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total transaction of $51,334.36. Following the completion of the sale, the chief financial officer now owns 261,590 shares in the company, valued at $402,848.60. This trade represents a 11.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin Brian Cox sold 35,100 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.48, for a total value of $51,948.00. Following the completion of the transaction, the chief executive officer now owns 5,786,012 shares in the company, valued at $8,563,297.76. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 91,434 shares of company stock worth $103,514 in the last quarter. Company insiders own 29.40% of the company’s stock.

SurgePays Stock Up 5.0 %

SURG opened at $2.11 on Wednesday. The company’s 50 day simple moving average is $1.73 and its two-hundred day simple moving average is $2.48. SurgePays, Inc. has a 1-year low of $1.33 and a 1-year high of $9.23. 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 (NASDAQ:SURG) last posted its quarterly earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.51). The company had revenue of $4.77 million during the quarter, compared to analyst estimates of $8.64 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same period in the prior year, the business posted $0.49 EPS. Research analysts anticipate that SurgePays, Inc. will post -1.34 earnings per share for the current year.

SurgePays announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 13th that allows the company to buyback $5.00 million in 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 management believes its shares are undervalued.

SurgePays 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.