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

SurgePays, Inc. (NASDAQ:SURG) was the target of a large growth in short interest in the month of January. As of January 30th, there was short interest totaling 618,937 shares, a growth of 75.1% from the January 15th total of 353,545 shares. Based on an average daily volume of 630,061 shares, the days-to-cover ratio is currently 1.0 days. Currently, 3.8% of the company’s shares are sold short. Currently, 3.8% of the company’s shares are sold short. Based on an average daily volume of 630,061 shares, the days-to-cover ratio is currently 1.0 days.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Ascendiant Capital Markets increased their price objective 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a research report on Monday, December 29th. Wall Street Zen upgraded SurgePays to a “sell” rating in a research note on Saturday, January 3rd. Finally, Zacks Research lowered SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, January 23rd. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $9.75.

SurgePays Stock Up 0.6%

SURG opened at $0.89 on Friday. The stock’s 50 day moving average price is $1.51 and its 200 day moving average price is $2.21. The company has a debt-to-equity ratio of 101.87, a current ratio of 0.52 and a quick ratio of 0.41. The stock has a market cap of $20.80 million, a P/E ratio of -0.41 and a beta of 0.45. SurgePays has a 12 month low of $0.86 and a 12 month high of $3.47.

SurgePays (NASDAQ:SURG) last announced its earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.38) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $18.12 million. As a group, research analysts predict that SurgePays will post -1.66 earnings per share for the current year.

Insider Activity

In other SurgePays news, Director David Allen May acquired 38,422 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was bought at an average price 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 approximately $252,985.60. The trade was a 32.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 30.50% of the company’s stock.

Hedge Funds Weigh In On SurgePays

Hedge funds have recently modified their holdings of the stock. Gaddis Premier Wealth Advisors LLC purchased a new stake in SurgePays during the fourth quarter valued at about $631,000. Millennium Capital Advisors LLC acquired a new stake in shares of SurgePays during the fourth quarter valued at approximately $142,000. CIBC Private Wealth Group LLC acquired a new stake in shares of SurgePays during the third quarter valued at approximately $211,000. CIBC Bancorp USA Inc. purchased a new stake in shares of SurgePays in the 3rd quarter valued at approximately $320,000. Finally, NewEdge Advisors LLC boosted its stake in SurgePays by 71.1% in the 3rd quarter. NewEdge Advisors LLC now owns 32,500 shares of the medical equipment provider’s stock worth $91,000 after purchasing an additional 13,500 shares during the period. 6.94% of the stock is currently owned by institutional investors and hedge funds.

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.