SurgePays, Inc. (NASDAQ:SURG) Short Interest Down 78.8% in August

SurgePays, Inc. (NASDAQ:SURG) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 310,267 shares, a decline of 78.8% from the August 15th total of 1,465,077 shares. Currently, 0.8% of the company’s stock are short sold. Based on an average daily trading volume, of 6,838,131 shares, the short-interest ratio is currently 0.0 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its stake in shares of SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock worth $106,000 after purchasing an additional 51,137 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in SurgePays in the 1st quarter valued at $28,000. Cetera Investment Advisers increased its stake in SurgePays by 61.0% in the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after buying an additional 17,200 shares during the period. XTX Topco Ltd acquired a new position in SurgePays in the 2nd quarter valued at $125,000. Finally, NewEdge Advisors LLC raised its position in SurgePays by 46.2% during the 2nd 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 during the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

SurgePays Stock Performance

Shares of NASDAQ:SURG opened at $0.19 on Friday. SurgePays has a one year low of $0.15 and a one year high of $3.14. The stock has a market capitalization of $10.16 million, a price-to-earnings ratio of -0.12 and a beta of 0.39. The company has a 50-day simple moving average of $0.26 and a 200-day simple moving average of $0.50.

SurgePays (NASDAQ:SURG) last released its quarterly 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, research analysts forecast that SurgePays will post -0.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SURG has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a report on Wednesday, August 19th. Ascendiant Capital Markets decreased their target price on SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a research note on Wednesday, June 10th. Finally, Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.50.

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.