Truvestments Capital LLC Buys 56,527 Shares of SurgePays, Inc. (NASDAQ:SURG)

Truvestments Capital LLC raised its stake in SurgePays, Inc. (NASDAQ:SURG) by 3,541.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 58,123 shares of the medical equipment provider’s stock after purchasing an additional 56,527 shares during the quarter. Truvestments Capital LLC’s holdings in SurgePays were worth $224,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SURG. Oxford Asset Management LLP bought a new stake in shares of SurgePays in the 4th quarter worth approximately $71,000. Jump Financial LLC lifted its stake in SurgePays by 44.7% in the fourth quarter. Jump Financial LLC now owns 16,500 shares of the medical equipment provider’s stock worth $106,000 after acquiring an additional 5,100 shares during the period. Victory Capital Management Inc. bought a new stake in SurgePays in the fourth quarter valued at $106,000. Privium Fund Management B.V. purchased a new position in SurgePays during the 1st quarter valued at $109,000. Finally, Bailard Inc. lifted its position in shares of SurgePays by 10.8% in the 4th quarter. Bailard Inc. now owns 65,480 shares of the medical equipment provider’s stock worth $422,000 after purchasing an additional 6,405 shares during the period. Hedge funds and other institutional investors own 6.94% of the company’s stock.

SurgePays Stock Performance

SURG remained flat at $3.00 during trading on Friday. The company’s stock had a trading volume of 91,317 shares, compared to its average volume of 130,846. The firm has a market cap of $58.24 million, a PE ratio of 2.61, a price-to-earnings-growth ratio of 6.67 and a beta of 1.00. The business’s 50-day moving average is $3.43 and its 200 day moving average is $4.82. SurgePays, Inc. has a 1-year low of $2.75 and a 1-year high of $9.23. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.26 and a quick ratio of 5.48.

SurgePays (NASDAQ:SURG) last posted its earnings results on Monday, May 13th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.20). SurgePays had a net margin of 12.93% and a return on equity of 55.35%. The company had revenue of $31.43 million for the quarter, compared to the consensus estimate of $32.40 million. On average, equities analysts expect that SurgePays, Inc. will post 0.03 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets decreased their price target on shares of SurgePays from $10.00 to $9.50 and set a “buy” rating for the company in a research note on Thursday, June 6th.

Insiders Place Their Bets

In related news, CFO Anthony George Evers sold 36,667 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $3.01, for a total value of $110,367.67. Following the transaction, the chief financial officer now directly owns 174,006 shares of the company’s stock, valued at approximately $523,758.06. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Kevin Brian Cox sold 20,915 shares of SurgePays stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $3.05, for a total transaction of $63,790.75. Following the sale, the chief executive officer now owns 5,688,046 shares in the company, valued at $17,348,540.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $110,367.67. Following the transaction, the chief financial officer now directly owns 174,006 shares of the company’s stock, valued at $523,758.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,582 shares of company stock valued at $186,158. Insiders own 29.40% of the company’s stock.

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.