SurgePays, Inc. (NASDAQ:SURG) Short Interest Update

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a large growth in short interest in the month of January. As of January 30th, there was short interest totaling 618,937 shares, a growth of 75.1% from the January 15th total of 353,545 shares. Approximately 3.8% of the company’s shares are short sold. Based on an average trading volume of 630,061 shares, the short-interest ratio is currently 1.0 days. Based on an average trading volume of 630,061 shares, the short-interest ratio is currently 1.0 days. Approximately 3.8% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SURG. Zacks Research lowered shares of SurgePays from a “hold” rating to a “strong sell” rating in a research note on Friday, January 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. Ascendiant Capital Markets upped their price objective on SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Finally, Wall Street Zen raised shares of SurgePays to a “sell” rating in a report on Saturday, January 3rd. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $9.75.

SurgePays Price Performance

Shares of NASDAQ SURG opened at $0.88 on Friday. SurgePays has a twelve month low of $0.86 and a twelve month high of $3.47. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 101.87. The firm has a 50-day moving average of $1.52 and a two-hundred day moving average of $2.22. The company has a market capitalization of $20.67 million, a price-to-earnings ratio of -0.41 and a beta of 0.45.

SurgePays (NASDAQ:SURG) last issued its earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.21). The business had revenue of $18.68 million for the quarter, compared to the consensus estimate of $18.12 million. SurgePays had a negative return on equity of 967.32% and a negative net margin of 83.42%. As a group, analysts expect that SurgePays will post -1.66 earnings per share for the current fiscal year.

Insider Activity at SurgePays

In related news, Director David Allen May purchased 38,422 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were bought at an average price of $1.60 per share, for a total transaction of $61,475.20. Following the acquisition, the director directly owned 158,116 shares in the company, valued at $252,985.60. This trade represents a 32.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 30.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SurgePays

A number of institutional investors have recently bought and sold shares of SURG. Jones Financial Companies Lllp lifted its stake in SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock valued at $106,000 after buying an additional 51,137 shares in the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of SurgePays during the first quarter valued at approximately $28,000. James Investment Research Inc. lifted its position in shares of SurgePays by 46.2% in the 2nd quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after acquiring an additional 6,000 shares in the last quarter. Ethos Financial Group LLC boosted its stake in SurgePays by 76.8% in the 2nd quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider’s stock worth $152,000 after purchasing an additional 21,186 shares during the period. Finally, Cetera Investment Advisers grew its position in SurgePays by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock worth $141,000 after purchasing an additional 17,200 shares in the last quarter. Hedge funds and other institutional investors own 6.94% 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.