Short Interest in SurgePays, Inc. (NASDAQ:SURG) Declines By 47.7%

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) saw a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 747,400 shares, a decline of 47.7% from the March 31st total of 1,430,000 shares. Based on an average daily volume of 1,580,000 shares, the short-interest ratio is currently 0.5 days. Currently, 5.3% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets boosted their price objective on SurgePays from $8.50 to $8.75 and gave the company a "buy" rating in a report on Tuesday, April 22nd.

SurgePays Stock Performance

Shares of NASDAQ SURG traded down $0.03 during midday trading on Friday, reaching $2.80. 44,776 shares of the stock were exchanged, compared to its average volume of 637,824. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08. The firm has a 50-day simple moving average of $1.98 and a two-hundred day simple moving average of $1.78. SurgePays has a twelve month low of $1.05 and a twelve month high of $4.38. The firm has a market cap of $57.15 million, a price-to-earnings ratio of -2.50 and a beta of 0.57.

SurgePays (NASDAQ:SURG - Get Free Report) last released its quarterly earnings data on Tuesday, March 25th. The medical equipment provider reported ($0.93) earnings per share for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.66). SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. The firm had revenue of $9.59 million during the quarter, compared to analysts' expectations of $8.22 million. As a group, analysts anticipate that SurgePays will post -1.66 EPS for the current fiscal year.

Institutional Trading of SurgePays

Institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in shares of SurgePays during the 3rd quarter valued at approximately $25,000. D.A. Davidson & CO. acquired a new position in SurgePays during the first quarter worth $25,000. XTX Topco Ltd purchased a new position in SurgePays during the fourth quarter valued at $53,000. Jane Street Group LLC acquired a new stake in shares of SurgePays in the fourth quarter valued at about $54,000. Finally, Renaissance Technologies LLC increased its stake in shares of SurgePays by 43.6% during the fourth quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider's stock worth $88,000 after purchasing an additional 15,000 shares in the last quarter. 6.94% of the stock is owned by institutional investors and hedge funds.

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.