SurgePays, Inc. (NASDAQ:SURG) Short Interest Up 382.2% in July

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 2,350,377 shares, a growth of 382.2% from the June 30th total of 487,452 shares. Based on an average daily volume of 26,807,435 shares, the short-interest ratio is presently 0.1 days. Approximately 13.2% of the shares of the stock are sold short.

Institutional Trading of SurgePays

Institutional investors and hedge funds have recently modified their holdings of the business. Gaddis Premier Wealth Advisors LLC purchased a new position in shares of SurgePays during the 4th quarter worth approximately $631,000. Goldman Sachs Group Inc. acquired a new position in shares of SurgePays during the 1st quarter worth approximately $28,000. NewEdge Advisors LLC raised its position in shares of SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after purchasing an additional 6,000 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in SurgePays by 34,091.3% in the 1st 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. Finally, XTX Topco Ltd purchased a new stake in SurgePays in the 2nd quarter valued at approximately $125,000. Hedge funds and other institutional investors own 6.94% of the company’s stock.

SurgePays Trading Down 5.1%

Shares of SURG stock traded down $0.01 during mid-day trading on Friday, reaching $0.24. The stock had a trading volume of 456,463 shares, compared to its average volume of 13,792,701. SurgePays has a 12-month low of $0.24 and a 12-month high of $3.22. The company has a market cap of $6.05 million, a P/E ratio of -0.12 and a beta of 0.38. The business has a 50-day simple moving average of $0.43 and a 200 day simple moving average of $0.77.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The firm had revenue of $15.98 million during the quarter, compared to analyst estimates of $15.49 million. Research analysts anticipate that SurgePays will post -0.7 EPS for the current year.

Analysts Set New Price Targets

SURG has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a report on Friday, May 22nd. Ascendiant Capital Markets dropped their target price on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. Finally, Zacks Research downgraded shares of SurgePays from a “hold” rating to a “strong sell” rating in a research report on Friday, May 15th. One 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, SurgePays currently has an average rating of “Reduce” and a consensus target price of $3.50.

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.