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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of SurgePays to a “sell” rating in a report on Saturday, January 3rd. Ascendiant Capital Markets raised their price objective on shares of SurgePays from $9.50 to $9.75 and gave the stock a “buy” rating in a research report on Monday, December 22nd. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.75.

Insider Activity

In other SurgePays news, Director David Allen May bought 38,422 shares of SurgePays stock in a transaction dated Wednesday, December 10th. The stock was acquired at an average cost of $1.60 per share, for a total transaction 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. This represents a 32.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 30.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SurgePays

Hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp raised its holdings in shares of SurgePays by 34,091.3% in the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after acquiring an additional 51,137 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in SurgePays during the 1st quarter worth about $28,000. James Investment Research Inc. raised its position in shares of 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 buying an additional 6,000 shares during the last quarter. Ethos Financial Group LLC lifted its stake in shares of SurgePays by 76.8% during the second quarter. Ethos Financial Group LLC now owns 48,754 shares of the medical equipment provider’s stock valued at $152,000 after buying an additional 21,186 shares during the period. Finally, Cetera Investment Advisers boosted its position in SurgePays by 61.0% during the second quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock worth $141,000 after acquiring an additional 17,200 shares during the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

SurgePays Stock Performance

Shares of SURG stock opened at $1.90 on Monday. The stock has a fifty day moving average price of $1.85 and a 200 day moving average price of $2.46. The company has a debt-to-equity ratio of 101.87, a quick ratio of 0.41 and a current ratio of 0.52. The stock has a market cap of $39.98 million, a PE ratio of -0.89, a P/E/G ratio of 0.63 and a beta of 0.46. SurgePays has a 1 year low of $1.05 and a 1 year high of $3.47.

SurgePays (NASDAQ:SURG) last released its quarterly earnings data 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 business had revenue of $18.68 million during the quarter, compared to analysts’ expectations of $18.12 million. Sell-side analysts forecast 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.