Short Interest in SurgePays, Inc. (NASDAQ:SURG) Drops By 37.7%

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 1,040,000 shares, a decrease of 37.7% from the March 15th total of 1,670,000 shares. Based on an average daily volume of 855,400 shares, the short-interest ratio is presently 1.2 days. Currently, 8.0% of the company's stock are short sold.

SurgePays Stock Down 3.9 %

Shares of NASDAQ SURG traded down $0.16 during mid-day trading on Friday, reaching $3.96. 192,468 shares of the company traded hands, compared to its average volume of 812,163. The stock has a market cap of $76.39 million, a PE ratio of 2.85 and a beta of 1.08. The company's fifty day moving average is $6.01 and its two-hundred day moving average is $5.83. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.91 and a current ratio of 2.63. SurgePays has a fifty-two week low of $3.65 and a fifty-two week high of $9.23.

SurgePays (NASDAQ:SURG - Get Free Report) last released its earnings results on Tuesday, March 12th. The medical equipment provider reported $0.19 earnings per share (EPS) for the quarter. The firm had revenue of $32.32 million for the quarter. SurgePays had a return on equity of 104.66% and a net margin of 15.03%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SURG shares. Maxim Group lowered SurgePays from a "buy" rating to a "hold" rating in a report on Wednesday, March 13th. Ascendiant Capital Markets lowered their price objective on SurgePays from $11.50 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 1st.

Institutional Trading of SurgePays

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC acquired a new stake in SurgePays in the 4th quarter valued at approximately $95,000. James Investment Research Inc. acquired a new stake in SurgePays in the 3rd quarter valued at approximately $47,000. Bailard Inc. grew its holdings in SurgePays by 340.9% in the 3rd quarter. Bailard Inc. now owns 59,075 shares of the medical equipment provider's stock valued at $276,000 after buying an additional 45,675 shares during the last quarter. Blair William & Co. IL lifted its position in shares of SurgePays by 10.5% in the 1st quarter. Blair William & Co. IL now owns 26,327 shares of the medical equipment provider's stock worth $118,000 after acquiring an additional 2,500 shares during the period. Finally, State Street Corp lifted its position in shares of SurgePays by 131.5% in the 3rd quarter. State Street Corp now owns 25,700 shares of the medical equipment provider's stock worth $117,000 after acquiring an additional 14,600 shares during the period. 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.