SurgePays, Inc. (NASDAQ:SURG) Short Interest Down 37.9% in May

SurgePays, Inc. (NASDAQ:SURG) saw 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 sold short. Based on an average daily volume of 237,147 shares, the days-to-cover ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

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

SurgePays Trading Up 2.9%

NASDAQ:SURG opened at $0.54 on Friday. The firm has a market capitalization of $13.59 million, a price-to-earnings ratio of -0.28 and a beta of 0.31. The firm’s fifty day simple moving average is $0.62 and its 200 day simple moving average is $1.11. SurgePays has a twelve month low of $0.46 and a twelve month high of $3.45.

SurgePays (NASDAQ:SURG) last posted its earnings results on Wednesday, May 20th. The medical equipment provider reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.32). The business 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%. On average, analysts predict that SurgePays will post -0.44 earnings per share for the current year.

Hedge Funds Weigh In On SurgePays

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in SurgePays by 5.7% in the 3rd 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 in the last quarter. Gaddis Premier Wealth Advisors LLC lifted its holdings in SurgePays by 16.0% in the 1st quarter. Gaddis Premier Wealth Advisors LLC now owns 438,287 shares of the medical equipment provider’s stock worth $329,000 after buying an additional 60,363 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in SurgePays in the 3rd quarter worth $320,000. Millennium Capital Advisors LLC acquired a new position in SurgePays in the 4th quarter worth $142,000. Finally, CIBC Private Wealth Group LLC acquired a new position in SurgePays in the 3rd quarter worth $211,000. Institutional investors and hedge funds 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.