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

SurgePays, Inc. (NASDAQ:SURG) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 353,545 shares, an increase of 27.4% from the December 31st total of 277,587 shares. Based on an average daily volume of 98,852 shares, the short-interest ratio is currently 3.6 days. Approximately 2.4% of the shares of the company are short sold. Approximately 2.4% of the shares of the company are short sold. Based on an average daily volume of 98,852 shares, the short-interest ratio is currently 3.6 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research note on Monday, December 29th. Ascendiant Capital Markets increased their target price on SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Zacks Research cut SurgePays from a “hold” rating to a “strong sell” rating in a research report on Friday, January 23rd. Finally, Wall Street Zen raised SurgePays to a “sell” rating in a report on Saturday, January 3rd. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, SurgePays presently has an average rating of “Reduce” and an average price target of $9.75.

Insiders Place Their Bets

In other news, Director David Allen May bought 38,422 shares of the firm’s 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 transaction, the director directly owned 158,116 shares of the company’s stock, valued at $252,985.60. This represents a 32.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 30.50% of the company’s stock.

Hedge Funds Weigh In On SurgePays

A number of large investors have recently modified their holdings of SURG. James Investment Research Inc. lifted its position in shares of SurgePays by 46.2% in the 2nd quarter. James Investment Research Inc. now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after purchasing an additional 6,000 shares during the period. NewEdge Advisors LLC raised its stake in SurgePays by 46.2% in the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after buying an additional 6,000 shares in the last quarter. Jane Street Group LLC purchased a new stake in SurgePays in the second quarter worth about $42,000. Gerber LLC bought a new stake in SurgePays during the 3rd quarter valued at approximately $38,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of SurgePays during the 1st quarter worth approximately $28,000. 6.94% of the stock is owned by hedge funds and other institutional investors.

SurgePays Price Performance

SurgePays stock traded down $0.07 during mid-day trading on Tuesday, hitting $1.09. 338,923 shares of the company traded hands, compared to its average volume of 361,530. The company has a debt-to-equity ratio of 101.87, a quick ratio of 0.41 and a current ratio of 0.52. SurgePays has a one year low of $1.05 and a one year high of $3.47. The stock has a market cap of $25.42 million, a price-to-earnings ratio of -0.51 and a beta of 0.45. The stock has a fifty day moving average price of $1.67 and a 200-day moving average price of $2.32.

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