SurgePays, Inc. (NASDAQ:SURG) Short Interest Update

SurgePays, Inc. (NASDAQ:SURG) was the target of a large drop in short interest in March. As of March 13th, there was short interest totaling 1,143,852 shares, a drop of 18.3% from the February 26th total of 1,399,476 shares. Approximately 7.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 102,962 shares, the days-to-cover ratio is presently 11.1 days.

SurgePays Trading Down 3.3%

NASDAQ:SURG traded down $0.02 during midday trading on Monday, hitting $0.72. 45,943 shares of the company traded hands, compared to its average volume of 235,824. The firm’s fifty day moving average is $0.97 and its 200-day moving average is $1.81. SurgePays has a 12-month low of $0.70 and a 12-month high of $3.47. The firm has a market capitalization of $16.78 million, a P/E ratio of -0.33 and a beta of 0.50. The company has a current ratio of 0.52, a quick ratio of 0.41 and a debt-to-equity ratio of 101.87.

Institutional Investors Weigh In On SurgePays

Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. bought a new stake in shares of SurgePays in the 1st quarter worth about $28,000. Gerber LLC bought a new position in SurgePays during the 3rd quarter valued at about $38,000. Jane Street Group LLC purchased a new stake in SurgePays in the 2nd quarter worth about $42,000. Squarepoint Ops LLC purchased a new stake in SurgePays in the 4th quarter worth about $52,000. Finally, NewEdge Advisors LLC lifted 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 purchasing an additional 6,000 shares during the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Wall Street Analyst Weigh In

SURG has been the subject of a number of research reports. Wall Street Zen upgraded SurgePays to a “sell” rating in a research report on Saturday, January 3rd. Zacks Research upgraded shares of SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. Ascendiant Capital Markets upped their price target on shares of SurgePays from $9.50 to $9.75 and gave the company a “buy” rating in a research note on Monday, December 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.75.

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.