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

SurgePays, Inc. (NASDAQ:SURG) saw a significant drop in short interest in March. As of March 13th, there was short interest totaling 1,143,852 shares, a drop of 18.3% from the February 26th total of 1,399,476 shares. Based on an average daily volume of 102,962 shares, the days-to-cover ratio is presently 11.1 days. Currently, 7.0% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several analysts have commented on SURG shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. Ascendiant Capital Markets boosted their price objective on shares of SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. Finally, Wall Street Zen upgraded SurgePays to a “sell” rating in a research note on Saturday, January 3rd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.75.

SurgePays Stock Performance

Shares of SURG opened at $0.75 on Wednesday. The company has a debt-to-equity ratio of 101.87, a quick ratio of 0.41 and a current ratio of 0.52. The stock has a 50-day moving average of $0.92 and a two-hundred day moving average of $1.78. The stock has a market cap of $17.60 million, a P/E ratio of -0.35 and a beta of 0.50. SurgePays has a one year low of $0.70 and a one year high of $3.47.

Hedge Funds Weigh In On SurgePays

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. purchased a new position in SurgePays during the 1st quarter worth approximately $28,000. Gerber LLC acquired a new stake in shares of SurgePays in the third quarter worth $38,000. Jane Street Group LLC purchased a new position in shares of SurgePays during the second quarter worth $42,000. Squarepoint Ops LLC purchased a new position in shares of SurgePays during the fourth quarter worth $52,000. Finally, NewEdge Advisors LLC lifted its position in SurgePays by 46.2% during the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after purchasing an additional 6,000 shares during the period. Institutional investors and hedge funds 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.