SurgePays, Inc. (NASDAQ:SURG) Sees Large Increase in Short Interest

SurgePays, Inc. (NASDAQ:SURG) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 5,114,724 shares, a growth of 1,548.5% from the August 31st total of 310,267 shares. Based on an average daily trading volume, of 33,426,869 shares, the short-interest ratio is currently 0.2 days. Approximately 13.6% of the company’s shares are sold short.

SurgePays Stock Down 2.1%

Shares of NASDAQ SURG opened at $0.15 on Friday. The firm has a market cap of $7.75 million, a PE ratio of -0.10 and a beta of 0.39. The company’s fifty day simple moving average is $0.21 and its 200 day simple moving average is $0.45. SurgePays has a 12-month low of $0.14 and a 12-month high of $3.14.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.16. On average, equities analysts predict that SurgePays will post -0.44 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a report on Wednesday, August 19th. Zacks Research upgraded SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Ascendiant Capital Markets decreased their target price on SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.50.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in SurgePays stock. Cetera Investment Advisers grew its position in shares of SurgePays, Inc. (NASDAQ:SURG) by 43.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,000 shares of the medical equipment provider’s stock after acquiring an additional 20,000 shares during the quarter. Cetera Investment Advisers owned about 0.26% of SurgePays worth $50,000 as of its most recent filing with the Securities & Exchange Commission. 6.94% of the stock is owned by institutional investors.

SurgePays Company Profile

SurgePays, Inc is a fintech and telecommunications company that provides wireless connectivity and financial technology services to underserved consumers and small businesses in the United States. Its telecommunications operations include prepaid wireless and mobile broadband services offered through brands such as SurgePhone Wireless.

The company also operates a wholesale and retail distribution platform serving convenience stores and other independent retailers. Its products and services may include prepaid wireless airtime, mobile phone top-ups, bill-payment solutions, and related financial technology tools that help retailers offer digital and payment services to their customers.

SurgePays is headquartered in Bartlett, Tennessee, and has focused on expanding access to affordable communications and financial services, particularly among lower-income and underbanked consumers.