SurgePays Target of Unusually Large Options Trading (NASDAQ:SURG)

SurgePays, Inc. (NASDAQ:SURG) was the recipient of unusually large options trading activity on Wednesday. Stock investors bought 2,150 call options on the stock. This represents an increase of 2,656% compared to the average volume of 78 call options.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets decreased their price target on shares of SurgePays from $9.00 to $8.50 and set a “buy” rating on the stock in a research report on Monday, December 16th.

SurgePays Stock Up 72.1 %

NASDAQ SURG traded up $1.00 during trading on Wednesday, reaching $2.38. 49,771,886 shares of the company’s stock were exchanged, compared to its average volume of 350,662. The company’s fifty day simple moving average is $1.39 and its 200-day simple moving average is $1.61. The company has a current ratio of 6.24, a quick ratio of 4.70 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $47.88 million, a PE ratio of -2.05 and a beta of 1.03. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $4.38.

SurgePays (NASDAQ:SURG) last released its earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.66). The company had revenue of $9.59 million during the quarter, compared to analysts’ expectations of $8.22 million. SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. Sell-side analysts predict that SurgePays will post -1.66 EPS for the current year.

Hedge Funds Weigh In On SurgePays

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SURG. Geode Capital Management LLC lifted its stake in shares of SurgePays by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider’s stock valued at $278,000 after purchasing an additional 8,097 shares during the last quarter. Truvestments Capital LLC raised its stake in shares of SurgePays by 20.1% in the 4th quarter. Truvestments Capital LLC now owns 102,002 shares of the medical equipment provider’s stock valued at $182,000 after acquiring an additional 17,056 shares in the last quarter. Northern Trust Corp lifted its stake in shares of SurgePays by 67.4% in the fourth quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider’s stock worth $113,000 after buying an additional 25,467 shares during the last quarter. Renaissance Technologies LLC lifted its position in SurgePays by 43.6% during the 4th quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider’s stock worth $88,000 after acquiring an additional 15,000 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in SurgePays during the fourth quarter valued at about $54,000. Institutional investors own 6.94% of the company’s stock.

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.