This morning many investors are going to look into those stocks which may have made a big move back on Friday and it is unlikely that they are going to miss out on the SurgePays Inc (NASDAQ:SURG) stock, which surged as much as 13%.
Trading Data
On Friday, SURG stock surged 13.31% to $3.32 with more than 387K shares, compared to its average volume of 216K shares. The stock moved within a range of $2.9000 – 3.4600 after opening trade at $2.90.
SurgePays Issues Summary Shareholder Letter
In light of such a rally, it may be a good idea to take a closer look into the financial technology company that is involved in providing prepaid products to those who are unbanked. There was actually no news about the company this past Friday but back on February 1, the Chairman and Chief Executive Officer of the company, Brian Cox, issued a key letter to the company’s shareholders.
At the time, the company made an announcement with regards to its accomplishments over the course of 2021 and also provided an overview of its plans for 2022. In the letter, Cox noted that 2021 had been a year of transformation for SurgePays as the company managed to accomplish some of its main objectives.
Some of the main objectives included getting access to capital and liquidity so that shareholder value could be created over the long term. It seems that investors are currently quite optimistic about the stock.
Technical Data
SURG stock is above the 20-Day and 50-Day Moving averages of $2.83 and $2.53 respectively. However, the stock is trading below the 200-Day moving average of $4.94.
