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

SurgePays, Inc. (NASDAQ:SURG) was the target of a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 353,545 shares, a growth of 27.4% from the December 31st total of 277,587 shares. Based on an average trading volume of 98,852 shares, the days-to-cover ratio is currently 3.6 days. Approximately 2.4% of the shares of the stock are short sold. Approximately 2.4% of the shares of the stock are short sold. Based on an average trading volume of 98,852 shares, the days-to-cover ratio is currently 3.6 days.

SurgePays Price Performance

SURG stock opened at $1.08 on Wednesday. SurgePays has a one year low of $1.05 and a one year high of $3.47. The firm has a 50-day moving average of $1.65 and a two-hundred day moving average of $2.31. The firm has a market capitalization of $25.30 million, a PE ratio of -0.50 and a beta of 0.45. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 101.87.

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

Insider Buying and Selling

In other news, Director David Allen May bought 38,422 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were purchased at an average price of $1.60 per share, with a total value of $61,475.20. Following the completion of the acquisition, the director directly owned 158,116 shares in the company, valued at approximately $252,985.60. This trade represents a 32.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 30.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC acquired a new position in SurgePays during the second quarter valued at $42,000. Gerber LLC purchased a new position in SurgePays during the 3rd quarter valued at about $38,000. Goldman Sachs Group Inc. purchased a new position in SurgePays during the 1st quarter valued at about $28,000. NewEdge Advisors LLC increased its holdings in shares of SurgePays by 46.2% in the 2nd 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. Finally, James Investment Research Inc. increased its holdings 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 purchasing an additional 6,000 shares during the period. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Wall Street Analyst Weigh In

SURG has been the subject of several research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a report on Monday, December 29th. Ascendiant Capital Markets boosted their price target on shares of SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Zacks Research downgraded shares of SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, January 23rd. Finally, Wall Street Zen raised shares of SurgePays to a “sell” rating in a research note on Saturday, January 3rd. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $9.75.

SurgePays Company Profile

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.