SurgePays, Inc. (NASDAQ:SURG) Sees Significant Drop in Short Interest

SurgePays, Inc. (NASDAQ:SURG) saw a large 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. Currently, 8.7% of the company’s stock are sold short. Based on an average trading volume of 16,502,535 shares, the short-interest ratio is presently 0.2 days.

SurgePays Stock Down 2.8%

NASDAQ:SURG opened at $0.12 on Friday. The business’s 50 day moving average is $0.17 and its two-hundred day moving average is $0.38. SurgePays has a 52 week low of $0.12 and a 52 week high of $2.95. The company has a market cap of $6.53 million, a PE ratio of -0.08 and a beta of 0.40.

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

Wall Street Analyst Weigh In

SURG has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research report on Wednesday, August 19th. Zacks Research upgraded shares of SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, SurgePays currently has an average rating of “Hold” and a consensus target price of $3.50.

Hedge Funds Weigh In On SurgePays

Hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers raised its holdings in shares of SurgePays by 43.5% during the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock worth $50,000 after purchasing an additional 20,000 shares during the period. Gaddis Premier Wealth Advisors LLC raised its stake in SurgePays by 16.0% during the first quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock worth $329,000 after acquiring an additional 60,363 shares during the period. Finally, Millennium Capital Advisors LLC lifted its holdings in SurgePays by 185.7% in the third quarter. Millennium Capital Advisors LLC now owns 600,000 shares of the medical equipment provider’s stock worth $90,000 after acquiring an additional 390,000 shares during the last quarter. Institutional investors and hedge funds own 6.94% of the company’s stock.

SurgePays Company Profile

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.