Short Interest in SurgePays, Inc. (NASDAQ:SURG) Increases By 41.0%

SurgePays, Inc. (NASDAQ:SURG) saw a large growth in short interest during the month of December. As of December 31st, there was short interest totaling 277,587 shares, a growth of 41.0% from the December 15th total of 196,892 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average daily trading volume, of 168,232 shares, the days-to-cover ratio is currently 1.7 days. Based on an average daily trading volume, of 168,232 shares, the days-to-cover ratio is currently 1.7 days. Currently, 1.9% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Ascendiant Capital Markets raised their price target on SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a report on Monday, December 22nd. Wall Street Zen upgraded SurgePays to a “sell” rating in a research note on Saturday, January 3rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, SurgePays presently has an average rating of “Hold” and an average price target of $9.75.

Insiders Place Their Bets

In other news, Director David Allen May acquired 38,422 shares of SurgePays stock in a transaction on Wednesday, December 10th. The stock was acquired at an average cost of $1.60 per share, with a total value of $61,475.20. Following the completion of the acquisition, the director owned 158,116 shares in the company, valued at approximately $252,985.60. This trade represents a 32.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 30.50% of the company’s stock.

Hedge Funds Weigh In On SurgePays

Several institutional investors and hedge funds have recently bought and sold shares of SURG. James Investment Research Inc. lifted its position in SurgePays by 46.2% in 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. NewEdge Advisors LLC raised its holdings in SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after buying an additional 6,000 shares during the last quarter. Jane Street Group LLC purchased a new stake in SurgePays during the 2nd quarter valued at $42,000. Gerber LLC bought a new stake in SurgePays in the 3rd quarter worth $38,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of SurgePays in the first quarter valued at about $28,000. 6.94% of the stock is currently owned by institutional investors.

SurgePays Price Performance

Shares of SURG stock traded down $0.06 during trading on Friday, hitting $1.90. The company had a trading volume of 64,203 shares, compared to its average volume of 115,038. The company has a quick ratio of 0.41, a current ratio of 0.52 and a debt-to-equity ratio of 101.87. SurgePays has a 52 week low of $1.05 and a 52 week high of $3.47. The stock has a market capitalization of $39.98 million, a price-to-earnings ratio of -0.89, a price-to-earnings-growth ratio of 0.63 and a beta of 0.46. The stock’s 50-day moving average is $1.85 and its two-hundred day moving average is $2.47.

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

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.