SurgePays, Inc. (NASDAQ:SURG) Short Interest Down 78.8% in August

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 310,267 shares, a drop of 78.8% from the August 15th total of 1,465,077 shares. Based on an average daily volume of 6,838,131 shares, the short-interest ratio is currently 0.0 days. Currently, 0.8% of the company’s shares are short sold.

SurgePays Trading Up 16.7%

NASDAQ:SURG opened at $0.19 on Friday. SurgePays has a 12-month low of $0.15 and a 12-month high of $3.14. The firm has a market cap of $10.16 million, a PE ratio of -0.12 and a beta of 0.39. The stock has a fifty day moving average price of $0.26 and a 200 day moving average price of $0.50.

SurgePays (NASDAQ:SURG) last issued its quarterly earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.16. Equities analysts forecast that SurgePays will post -0.7 EPS for the current year.

Institutional Trading of SurgePays

Several hedge funds have recently added to or reduced their stakes in SURG. Cetera Investment Advisers lifted 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 worth $50,000 after acquiring an additional 20,000 shares during the last quarter. Gaddis Premier Wealth Advisors LLC raised its holdings 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 valued at $329,000 after purchasing an additional 60,363 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of SurgePays in the 4th quarter valued at $52,000. Millennium Capital Advisors LLC purchased a new stake in shares of SurgePays during the 4th quarter worth $142,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of SurgePays during the 3rd quarter worth $211,000. Institutional investors and hedge funds own 6.94% of the company’s stock.

Analyst Ratings Changes

SURG has been the topic of a number of research reports. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, August 19th. Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Ascendiant Capital Markets cut their price objective on SurgePays from $5.00 to $3.50 and set a “buy” rating on the stock in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.