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

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a significant 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. Currently, 3.8% of the company’s stock are short sold. Based on an average daily trading volume, of 630,061 shares, the short-interest ratio is currently 1.0 days. Based on an average daily trading volume, of 630,061 shares, the short-interest ratio is currently 1.0 days. Currently, 3.8% of the company’s stock are short sold.

SurgePays Trading Down 8.7%

NASDAQ:SURG opened at $0.88 on Friday. SurgePays has a 12 month low of $0.86 and a 12 month high of $3.47. The company’s 50 day moving average is $1.52 and its 200-day moving average is $2.22. The company has a quick ratio of 0.41, a current ratio of 0.52 and a debt-to-equity ratio of 101.87. The firm has a market cap of $20.67 million, a price-to-earnings ratio of -0.41 and a beta of 0.45.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results on Wednesday, November 12th. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.21). The firm had revenue of $18.68 million for the quarter, compared to the consensus estimate of $18.12 million. SurgePays had a negative net margin of 83.42% and a negative return on equity of 967.32%. Equities analysts anticipate that SurgePays will post -1.66 EPS for the current year.

Insider Transactions at SurgePays

In other SurgePays news, Director David Allen May acquired 38,422 shares of SurgePays stock in a transaction that occurred on Wednesday, December 10th. The stock was purchased at an average cost of $1.60 per share, with a total value of $61,475.20. Following the purchase, the director owned 158,116 shares in the company, 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 legal filing with the SEC, which can be accessed through this link. Corporate insiders own 30.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of SurgePays by 5.7% during the third quarter. Vanguard Group Inc. now owns 656,900 shares of the medical equipment provider’s stock worth $1,846,000 after buying an additional 35,286 shares during the last quarter. Gaddis Premier Wealth Advisors LLC bought a new position in SurgePays during the fourth quarter worth $631,000. CIBC Bancorp USA Inc. bought a new position in SurgePays during the third quarter worth $320,000. Millennium Capital Advisors LLC acquired a new position in SurgePays during the 4th quarter valued at $142,000. Finally, CIBC Private Wealth Group LLC bought a new stake in SurgePays in the 3rd quarter valued at $211,000. 6.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.