SurgePays, Inc. (NASDAQ:SURG) Short Interest Up 382.2% in July

SurgePays, Inc. (NASDAQ:SURG) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 2,350,377 shares, an increase of 382.2% from the June 30th total of 487,452 shares. Based on an average trading volume of 26,807,435 shares, the days-to-cover ratio is presently 0.1 days. Currently, 13.2% of the shares of the stock are sold short.

SurgePays Stock Down 5.1%

Shares of SURG stock traded down $0.01 during mid-day trading on Friday, hitting $0.24. 456,463 shares of the company’s stock were exchanged, compared to its average volume of 13,792,701. The stock has a market cap of $6.05 million, a price-to-earnings ratio of -0.12 and a beta of 0.38. SurgePays has a fifty-two week low of $0.24 and a fifty-two week high of $3.22. The stock has a 50-day simple moving average of $0.43 and a two-hundred day simple moving average of $0.77.

SurgePays (NASDAQ:SURG) last issued 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 business had revenue of $15.98 million during the quarter, compared to analysts’ expectations of $15.49 million. As a group, analysts anticipate that SurgePays will post -0.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SURG has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SurgePays in a research note on Friday, May 22nd. Ascendiant Capital Markets reduced their target price 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. Finally, Zacks Research cut shares of SurgePays from a “hold” rating to a “strong sell” rating in a research note on Friday, May 15th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $3.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Gaddis Premier Wealth Advisors LLC acquired a new stake in shares of SurgePays in the fourth quarter worth $631,000. CIBC Bancorp USA Inc. purchased a new stake in SurgePays during the 3rd quarter worth $320,000. Millennium Capital Advisors LLC acquired a new stake in SurgePays in the 4th quarter valued at $142,000. CIBC Private Wealth Group LLC acquired a new stake in SurgePays in the 3rd quarter valued at $211,000. Finally, Jones Financial Companies Lllp raised its position in SurgePays by 34,091.3% in the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider’s stock valued at $106,000 after purchasing an additional 51,137 shares during the period. Hedge funds and other 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.