Royce & Associates LP Invests $34,000 in SurgePays, Inc. (NASDAQ:SURG)

Royce & Associates LP bought a new stake in shares of SurgePays, Inc. (NASDAQ:SURG) in the third quarter, Holdings Channel.com reports. The institutional investor bought 18,563 shares of the medical equipment provider’s stock, valued at approximately $34,000.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of SurgePays by 8.2% during 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. National Bank of Canada FI increased its position in SurgePays by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock valued at $111,000 after buying an additional 12,000 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in SurgePays in the second quarter valued at about $45,000. Dimensional Fund Advisors LP boosted its holdings in 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 in the last quarter. Finally, Truvestments Capital LLC grew its stake in shares of SurgePays by 3,541.8% during the first quarter. Truvestments Capital LLC now owns 58,123 shares of the medical equipment provider’s stock worth $224,000 after acquiring an additional 56,527 shares during the last quarter. 6.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Anthony George Evers sold 33,334 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.54, for a total value of $51,334.36. Following the completion of the transaction, the chief financial officer now owns 261,590 shares of the company’s stock, valued at $402,848.60. The trade was a 11.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kevin Brian Cox sold 35,100 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.48, for a total value of $51,948.00. Following the completion of the sale, the chief executive officer now owns 5,786,012 shares in the company, valued at $8,563,297.76. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,434 shares of company stock valued at $103,514. 29.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

SurgePays Price Performance

NASDAQ SURG opened at $1.46 on Thursday. The company has a market cap of $29.44 million, a price-to-earnings ratio of -1.29 and a beta of 0.94. 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’s fifty day moving average price is $1.70 and its 200 day moving average price is $2.55. SurgePays, Inc. has a 1 year low of $1.33 and a 1 year high of $9.23.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings data on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.51). SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. The firm had revenue of $4.77 million during the quarter, compared to analysts’ expectations of $8.64 million. During the same quarter in the previous year, the business earned $0.49 earnings per share. As a group, equities research analysts forecast that SurgePays, Inc. will post -1.02 earnings per share for the current year.

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

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.