SurgePays, Inc. (NASDAQ:SURG) Sees Large Growth in Short Interest

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a large 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. Currently, 13.2% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SURG shares. Ascendiant Capital Markets cut their price objective on SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a research note on Wednesday, June 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Friday, May 22nd. Finally, Zacks Research lowered shares of SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $3.50.

Institutional Trading of SurgePays

Large investors have recently made changes to their positions in the stock. Cetera Investment Advisers boosted its stake in SurgePays by 43.5% in the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after acquiring an additional 20,000 shares during the period. Gaddis Premier Wealth Advisors LLC lifted its stake in shares of 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 worth $329,000 after acquiring an additional 60,363 shares during the period. Squarepoint Ops LLC bought a new position in shares of SurgePays in the fourth quarter valued at approximately $52,000. Millennium Capital Advisors LLC bought a new position in shares of SurgePays in the fourth quarter valued at approximately $142,000. Finally, CIBC Private Wealth Group LLC bought a new position in shares of SurgePays in the third quarter valued at approximately $211,000. Institutional investors and hedge funds own 6.94% of the company’s stock.

SurgePays Stock Performance

Shares of SURG traded down $0.01 during mid-day trading on Friday, hitting $0.24. 456,463 shares of the company’s stock were exchanged, compared to its average volume of 13,792,701. The stock’s 50-day moving average is $0.43 and its 200-day moving average is $0.77. SurgePays has a fifty-two week low of $0.24 and a fifty-two week high of $3.22. The company has a market cap of $6.05 million, a price-to-earnings ratio of -0.12 and a beta of 0.38.

SurgePays (NASDAQ:SURG) last announced its quarterly 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 company had revenue of $15.98 million for the quarter, compared to analysts’ expectations of $15.49 million. As a group, equities research analysts anticipate that SurgePays will post -0.7 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.