SurgePays, Inc. (NASDAQ:SURG) Sees Significant Decline in Short Interest

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) was the target of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 451,500 shares, a decrease 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. Approximately 3.2% of the shares of the stock are short sold.

Analyst Ratings Changes

SURG has been the topic of several recent research reports. Wall Street Zen upgraded SurgePays from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Ascendiant Capital Markets upped their price objective on SurgePays from $8.50 to $8.75 and gave the stock a "buy" rating in a report on Tuesday, April 22nd.

SurgePays Stock Performance

SurgePays stock traded down $0.14 during trading on Thursday, reaching $2.81. The company had a trading volume of 106,372 shares, compared to its average volume of 638,288. SurgePays has a 52 week low of $1.05 and a 52 week high of $4.38. The firm's 50-day simple moving average is $2.72 and its 200 day simple moving average is $1.98. The firm has a market capitalization of $57.36 million, a price-to-earnings ratio of -2.49 and a beta of 0.51. The company has a current ratio of 6.24, a quick ratio of 4.70 and a debt-to-equity ratio of 0.08.

SurgePays (NASDAQ:SURG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The medical equipment provider reported ($0.38) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.02. The business had revenue of $10.58 million for the quarter, compared to analysts' expectations 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 period last year, the firm earned $0.07 earnings per share. Sell-side analysts forecast that SurgePays will post -1.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SurgePays

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. bought a new stake in SurgePays during the first quarter valued at about $28,000. Jones Financial Companies Lllp raised its holdings in SurgePays by 34,091.3% during the first quarter. Jones Financial Companies Lllp now owns 51,287 shares of the medical equipment provider's stock valued at $106,000 after acquiring an additional 51,137 shares during the period. Ethos Financial Group LLC bought a new stake in shares of SurgePays in the first quarter worth about $57,000. Baader Bank Aktiengesellschaft bought a new stake in shares of SurgePays in the first quarter worth about $35,000. Finally, D.A. Davidson & CO. bought a new stake in shares of SurgePays in the first quarter worth about $25,000. 6.94% of the stock is owned by institutional investors.

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.