SurgePays, Inc. (NASDAQ:SURG) Stock Short Interest Declines 35.9%

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a significant decline in short interest in the month of September. As of September 30th, there was short interest totaling 3,277,654 shares, a decline of 35.9% from the September 15th total of 5,114,724 shares. Based on an average trading volume of 16,502,535 shares, the short-interest ratio is presently 0.2 days. Approximately 8.7% of the company’s shares are short sold.

Analyst Ratings Changes

Several brokerages have commented on SURG. Zacks Research upgraded SurgePays from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.50.

SurgePays Trading Up 6.3%

Shares of SURG stock opened at $0.13 on Friday. The company’s fifty day simple moving average is $0.18 and its 200-day simple moving average is $0.38. SurgePays has a 52 week low of $0.12 and a 52 week high of $3.14. The company has a market cap of $6.72 million, a PE ratio of -0.08 and a beta of 0.40.

SurgePays (NASDAQ:SURG) last posted its earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.16. Equities research analysts expect that SurgePays will post -0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in SurgePays stock. Gaddis Premier Wealth Advisors LLC lifted its stake in SurgePays, Inc. (NASDAQ:SURG) by 16.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 438,287 shares of the medical equipment provider’s stock after buying an additional 60,363 shares during the period. Gaddis Premier Wealth Advisors LLC owned approximately 1.74% of SurgePays worth $329,000 as of its most recent SEC filing. 6.94% of the stock is currently owned by institutional investors.

About SurgePays

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.