SurgePays, Inc. (NASDAQ:SURG) Stock Short Interest Falls 35.9%

SurgePays, Inc. (NASDAQ:SURG) saw a significant drop in short interest in September. As of September 30th, there was short interest totaling 3,277,654 shares, a drop of 35.9% from the September 15th total of 5,114,724 shares. Based on an average trading volume of 16,502,535 shares, the days-to-cover ratio is currently 0.2 days. Currently, 8.7% of the company’s stock are sold short.

Analyst Ratings Changes

A number of research firms have recently issued reports on SURG. Zacks Research upgraded shares of SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.50.

SurgePays Price Performance

NASDAQ:SURG opened at $0.13 on Friday. The firm has a 50-day moving average of $0.18 and a two-hundred day moving average of $0.38. The stock has a market cap of $6.72 million, a P/E ratio of -0.08 and a beta of 0.40. SurgePays has a 1-year low of $0.12 and a 1-year high of $3.14.

SurgePays (NASDAQ:SURG) last announced its earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.16. As a group, equities analysts expect that SurgePays will post -0.44 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its position in SurgePays stock. Gaddis Premier Wealth Advisors LLC raised its holdings in shares of SurgePays, Inc. (NASDAQ:SURG) by 16.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 438,287 shares of the medical equipment provider’s stock after purchasing an additional 60,363 shares during the quarter. Gaddis Premier Wealth Advisors LLC owned 1.74% of SurgePays worth $329,000 at the end of the most recent quarter. 6.94% of the stock is owned by institutional investors and hedge funds.

About SurgePays

SurgePays, Inc is a financial technology and telecommunications company that provides mobile connectivity and financial services to underserved and underbanked consumers in the United States. Its offerings are designed to support individuals who may have limited access to traditional banking, wireless service, or digital payment options.

Through its telecommunications operations, SurgePays provides prepaid wireless products, mobile broadband services, SIM cards, mobile devices, and related connectivity solutions.