SurgePays, Inc. (NASDAQ:SURG) Short Interest Update

SurgePays, Inc. (NASDAQ:SURG) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 310,267 shares, a drop of 78.8% from the August 15th total of 1,465,077 shares. Based on an average trading volume of 6,838,131 shares, the short-interest ratio is currently 0.0 days. Approximately 0.8% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SURG. Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Ascendiant Capital Markets reduced their price objective on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a research report on Wednesday, June 10th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a report on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $3.50.

SurgePays Trading Up 5.2%

Shares of NASDAQ SURG traded up $0.01 during trading hours on Friday, reaching $0.17. The stock had a trading volume of 207,654,864 shares, compared to its average volume of 22,973,272. The firm has a market cap of $9.16 million, a price-to-earnings ratio of -0.11 and a beta of 0.39. SurgePays has a fifty-two week low of $0.15 and a fifty-two week high of $3.14. The firm has a 50-day moving average of $0.25 and a 200-day moving average of $0.50.

SurgePays (NASDAQ:SURG) last released its quarterly earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.16. On average, equities analysts predict that SurgePays will post -0.7 EPS for the current year.

Hedge Funds Weigh In On SurgePays

A number of institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new stake in SurgePays in the 1st quarter valued at $28,000. Jane Street Group LLC purchased a new position in SurgePays during the 2nd quarter worth $42,000. Cetera Investment Advisers increased its stake in SurgePays by 43.5% in the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after purchasing an additional 20,000 shares during the period. Squarepoint Ops LLC acquired a new position in SurgePays in the fourth quarter valued at $52,000. Finally, NewEdge Advisors LLC raised its holdings in shares of SurgePays by 46.2% in the second quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock valued at $59,000 after buying an additional 6,000 shares during the last quarter. 6.94% of the stock is owned by institutional investors and hedge funds.

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.