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

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a significant decline in short interest during the month of May. As of May 15th, there was short interest totaling 571,142 shares, a decline of 37.9% from the April 30th total of 919,196 shares. Currently, 3.2% of the company’s stock are sold short. Based on an average trading volume of 237,147 shares, the days-to-cover ratio is presently 2.4 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SURG. Cetera Investment Advisers lifted its position in SurgePays by 43.5% in the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock worth $50,000 after purchasing an additional 20,000 shares during the period. Gaddis Premier Wealth Advisors LLC increased its holdings in SurgePays by 16.0% in the 1st quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock valued at $329,000 after buying an additional 60,363 shares during the period. Squarepoint Ops LLC acquired a new position in shares of SurgePays in the 4th quarter valued at $52,000. Millennium Capital Advisors LLC acquired a new position in shares of SurgePays in the 4th quarter valued at $142,000. Finally, CIBC Private Wealth Group LLC bought a new position in shares of SurgePays during the 3rd quarter worth about $211,000. 6.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. Zacks Research lowered shares of SurgePays from a “hold” rating to a “strong sell” rating in a research note on Friday, May 15th. Finally, Ascendiant Capital Markets decreased their price objective on shares of SurgePays from $9.75 to $5.00 and set a “buy” rating for the company in a report on Friday, April 17th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, SurgePays currently has a consensus rating of “Reduce” and an average target price of $5.00.

SurgePays Stock Performance

Shares of SURG traded up $0.01 during trading hours on Thursday, reaching $0.54. 9,349 shares of the company traded hands, compared to its average volume of 315,410. The stock’s fifty day moving average is $0.63 and its 200 day moving average is $1.12. The stock has a market cap of $13.56 million, a P/E ratio of -0.28 and a beta of 0.31. SurgePays has a 1-year low of $0.46 and a 1-year high of $3.45.

SurgePays (NASDAQ:SURG) last released its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.32). The firm had revenue of $15.98 million for the quarter, compared to analyst estimates of $15.50 million. SurgePays had a negative return on equity of 967.32% and a negative net margin of 64.91%. On average, equities research analysts predict that SurgePays will post -0.44 EPS for the current year.

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.