SurgePays, Inc. (NASDAQ:SURG) Stock Short Interest Jumps 1,548.5%

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 5,114,724 shares, a growth of 1,548.5% from the August 31st total of 310,267 shares. Currently, 13.6% of the company’s shares are sold short. Based on an average daily volume of 33,426,869 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On SurgePays

An institutional investor recently raised its position in SurgePays stock. Cetera Investment Advisers raised its position in SurgePays, Inc. (NASDAQ:SURG) by 43.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,000 shares of the medical equipment provider’s stock after purchasing an additional 20,000 shares during the quarter. Cetera Investment Advisers owned 0.26% of SurgePays worth $50,000 at the end of the most recent quarter. Institutional investors own 6.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SURG. Weiss Ratings reissued a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, August 19th. Zacks Research raised shares of SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Ascendiant Capital Markets cut their price objective on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating on the stock in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, SurgePays currently has a consensus rating of “Hold” and an average target price of $3.50.

SurgePays Trading Down 0.8%

Shares of SURG traded down $0.00 during mid-day trading on Thursday, reaching $0.15. The company had a trading volume of 1,924,985 shares, compared to its average volume of 8,229,458. SurgePays has a fifty-two week low of $0.14 and a fifty-two week high of $3.14. The firm has a fifty day simple moving average of $0.21 and a 200-day simple moving average of $0.45. The stock has a market cap of $7.92 million, a price-to-earnings ratio of -0.10 and a beta of 0.39.

SurgePays (NASDAQ:SURG) last released its quarterly earnings data on Wednesday, August 19th. The medical equipment provider reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.16. As a group, equities analysts predict that SurgePays will post -0.7 EPS for the current fiscal year.

SurgePays Company Profile

SurgePays, Inc is a fintech and telecommunications company that provides wireless connectivity and financial technology services to underserved consumers and small businesses in the United States. Its telecommunications operations include prepaid wireless and mobile broadband services offered through brands such as SurgePhone Wireless.

The company also operates a wholesale and retail distribution platform serving convenience stores and other independent retailers. Its products and services may include prepaid wireless airtime, mobile phone top-ups, bill-payment solutions, and related financial technology tools that help retailers offer digital and payment services to their customers.

SurgePays is headquartered in Bartlett, Tennessee, and has focused on expanding access to affordable communications and financial services, particularly among lower-income and underbanked consumers.