Short Interest in SurgePays, Inc. (NASDAQ:SURG) Drops By 31.9%

SurgePays, Inc. (NASDAQ:SURG) was the target of a large decrease in short interest in December. As of December 31st, there was short interest totalling 384,100 shares, a decrease of 31.9% from the December 15th total of 564,200 shares. Currently, 2.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 530,900 shares, the short-interest ratio is currently 0.7 days.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets lowered their price target on shares of SurgePays from $9.00 to $8.50 and set a “buy” rating for the company in a research report on Monday, December 16th.

Insider Buying and Selling

In other news, CEO Kevin Brian Cox sold 35,180 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.82, for a total transaction of $64,027.60. Following the transaction, the chief executive officer now owns 5,770,090 shares of the company’s stock, valued at $10,501,563.80. This represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anthony George Evers sold 36,666 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $1.86, for a total value of $68,198.76. Following the completion of the transaction, the chief financial officer now owns 214,924 shares in the company, valued at approximately $399,758.64. This represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. 29.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SURG. Dimensional Fund Advisors LP raised its holdings in SurgePays by 49.0% in the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock worth $78,000 after purchasing an additional 7,998 shares during the period. Corsair Capital Management L.P. increased its position in shares of SurgePays by 50.3% in the 3rd quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock valued at $55,000 after buying an additional 10,000 shares in the last quarter. Virtu Financial LLC acquired a new stake in SurgePays during the 3rd quarter worth $25,000. Renaissance Technologies LLC bought a new position in SurgePays during the second quarter worth about $45,000. Finally, Geode Capital Management LLC grew its stake in SurgePays by 11.3% in the third quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider’s stock valued at $272,000 after acquiring an additional 15,039 shares during the period. Institutional investors own 6.94% of the company’s stock.

SurgePays Stock Performance

SURG stock opened at $1.61 on Wednesday. SurgePays has a twelve month low of $1.33 and a twelve month high of $9.23. 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 company has a market cap of $32.46 million, a P/E ratio of -1.42 and a beta of 1.04. The business’s fifty day moving average is $1.76 and its 200-day moving average is $2.00.

SurgePays (NASDAQ:SURG) last released its earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.51). The company had revenue of $4.77 million during the quarter, compared to analyst estimates of $8.64 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same period in the previous year, the company posted $0.49 EPS. Equities research analysts forecast that SurgePays will post -1.34 EPS for the current year.

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.