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

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

Hedge Funds Weigh In On SurgePays

Hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. acquired a new position in SurgePays during the 1st quarter valued at about $28,000. Jane Street Group LLC acquired a new position in SurgePays during the 2nd quarter valued at about $42,000. Cetera Investment Advisers boosted its stake in SurgePays by 43.5% during the 1st quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after purchasing an additional 20,000 shares during the last quarter. Squarepoint Ops LLC acquired a new position in SurgePays during the 4th quarter valued at about $52,000. Finally, NewEdge Advisors LLC boosted its stake 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 purchasing an additional 6,000 shares during the last quarter. Institutional investors and hedge funds own 6.94% of the company’s stock.

SurgePays Stock Performance

SURG stock opened at $0.56 on Wednesday. The company has a market capitalization of $13.98 million, a P/E ratio of -0.29 and a beta of 0.31. SurgePays has a 52-week low of $0.46 and a 52-week high of $3.45. The business has a 50-day simple moving average of $0.64 and a two-hundred day simple moving average of $1.14.

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

Analysts Set New Price Targets

SURG has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a research report on Friday, May 22nd. Ascendiant Capital Markets decreased their price target on SurgePays from $9.75 to $5.00 and set a “buy” rating for the company in a report on Friday, April 17th. Finally, Zacks Research downgraded SurgePays from a “hold” rating to a “strong sell” rating in a report on Friday, May 15th. One research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, SurgePays currently has a consensus rating of “Reduce” and a consensus price target of $5.00.

SurgePays Company Profile

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.