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

SurgePays, Inc. (NASDAQ:SURG) saw a large growth in short interest in 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. Based on an average daily trading volume, of 630,061 shares, the short-interest ratio is presently 1.0 days. Approximately 3.8% of the shares of the stock are sold short. Approximately 3.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 630,061 shares, the short-interest ratio is presently 1.0 days.

Insider Buying and Selling at SurgePays

In other SurgePays news, Director David Allen May purchased 38,422 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were purchased at an average price of $1.60 per share, for a total transaction of $61,475.20. Following the completion of the transaction, the director owned 158,116 shares in the company, valued at $252,985.60. This represents a 32.10% increase in their position. The transaction 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 company insiders.

Institutional Trading of SurgePays

A number of institutional investors and hedge funds have recently made changes to their positions in SURG. Jones Financial Companies Lllp boosted its stake in shares of SurgePays by 34,091.3% during the 1st quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after acquiring an additional 51,137 shares in the last quarter. Goldman Sachs Group Inc. bought a new stake in SurgePays during the first quarter worth approximately $28,000. James Investment Research Inc. grew its holdings in SurgePays by 46.2% during the second 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 last quarter. Ethos Financial Group LLC grew its holdings in SurgePays by 76.8% during the second quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider’s stock valued at $152,000 after purchasing an additional 21,186 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of SurgePays by 61.0% in the second quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after purchasing an additional 17,200 shares during the period. Institutional investors and hedge funds own 6.94% of the company’s stock.

SurgePays Stock Up 0.6%

SURG traded up $0.01 during trading on Friday, reaching $0.89. 227,861 shares of the stock traded hands, compared to its average volume of 443,761. The stock’s 50-day simple moving average is $1.51 and its two-hundred day simple moving average is $2.20. The company has a debt-to-equity ratio of 101.87, a current ratio of 0.52 and a quick ratio of 0.41. SurgePays has a fifty-two week low of $0.86 and a fifty-two week high of $3.47. The stock has a market cap of $20.80 million, a price-to-earnings ratio of -0.41 and a beta of 0.45.

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

Analysts Set New Price Targets

SURG has been the subject of several research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. Zacks Research lowered SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, January 23rd. Ascendiant Capital Markets upped their price target on SurgePays from $9.50 to $9.75 and gave the company a “buy” rating in a research report on Monday, December 22nd. Finally, Wall Street Zen upgraded SurgePays to a “sell” rating in a research report 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 MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price 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.