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

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totaling 571,142 shares, a decline of 37.9% from the April 30th total of 919,196 shares. Based on an average daily trading volume, of 237,147 shares, the short-interest ratio is presently 2.4 days. Approximately 3.2% of the shares of the company are short sold.

SurgePays Trading Down 6.6%

NASDAQ:SURG opened at $0.56 on Wednesday. The stock has a market capitalization of $13.98 million, a PE ratio of -0.29 and a beta of 0.31. The firm’s 50 day moving average is $0.64 and its 200 day moving average is $1.14. SurgePays has a 12 month low of $0.46 and a 12 month high of $3.45.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.32). The company had revenue of $15.98 million during the quarter, compared to the consensus estimate of $15.50 million. SurgePays had a negative return on equity of 967.32% and a negative net margin of 64.91%. Research analysts predict that SurgePays will post -0.44 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SURG. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. Zacks Research downgraded SurgePays from a “hold” rating to a “strong sell” rating in a research note on Friday, May 15th. Finally, Ascendiant Capital Markets cut their target price on SurgePays from $9.75 to $5.00 and set a “buy” rating on the stock in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $5.00.

Hedge Funds Weigh In On SurgePays

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its holdings in SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after acquiring an additional 6,000 shares during the period. Jane Street Group LLC bought a new stake in SurgePays during the 2nd quarter valued at $42,000. Goldman Sachs Group Inc. bought a new stake in SurgePays during the 1st quarter valued at $28,000. Cetera Investment Advisers raised its holdings in SurgePays by 61.0% during the 2nd quarter. Cetera Investment Advisers now owns 45,400 shares of the medical equipment provider’s stock valued at $141,000 after acquiring an additional 17,200 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in SurgePays during the 4th quarter valued at $52,000. Institutional investors own 6.94% of the company’s stock.

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.