SurgePays, Inc. (NASDAQ:SURG) Short Interest Down 13.5% in May

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) was the target of a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 451,500 shares, a drop of 13.5% from the April 30th total of 521,700 shares. Based on an average daily trading volume, of 1,620,000 shares, the days-to-cover ratio is currently 0.3 days. Currently, 3.2% of the shares of the company are sold short.

SurgePays Stock Performance

Shares of NASDAQ SURG remained flat at $2.81 during midday trading on Friday. The stock had a trading volume of 203,139 shares, compared to its average volume of 638,960. The stock has a 50 day moving average price of $2.74 and a 200-day moving average price of $1.99. The stock has a market capitalization of $57.36 million, a price-to-earnings ratio of -2.49 and a beta of 0.43. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08. SurgePays has a 12-month low of $1.05 and a 12-month high of $4.34.

SurgePays (NASDAQ:SURG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.02. The business had revenue of $10.58 million during the quarter, compared to analyst estimates of $9.80 million. SurgePays had a negative return on equity of 55.63% and a negative net margin of 27.39%. During the same quarter in the prior year, the business posted $0.07 EPS. Equities analysts forecast that SurgePays will post -1.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SurgePays

Institutional investors have recently bought and sold shares of the business. Truvestments Capital LLC lifted its stake in shares of SurgePays by 20.1% during the fourth quarter. Truvestments Capital LLC now owns 102,002 shares of the medical equipment provider's stock worth $182,000 after buying an additional 17,056 shares during the period. Geode Capital Management LLC raised its position in shares of SurgePays by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider's stock worth $278,000 after acquiring an additional 8,097 shares during the period. 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. XTX Topco Ltd purchased a new stake in shares of SurgePays during the fourth quarter worth about $53,000. Finally, Northern Trust Corp boosted its holdings in shares of SurgePays by 67.4% during the 4th quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider's stock worth $113,000 after purchasing an additional 25,467 shares during the last quarter. 6.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on SURG shares. Wall Street Zen upgraded SurgePays from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets boosted their price target on SurgePays from $8.50 to $8.75 and gave the company a "buy" rating in a report on Tuesday, April 22nd.

SurgePays Company Profile

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.