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

SurgePays, Inc. (NASDAQ:SURG) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 486,000 shares, an increase of 22.2% from the September 30th total of 397,700 shares. Based on an average daily volume of 176,700 shares, the short-interest ratio is currently 2.8 days. Approximately 3.6% of the company’s stock are sold short.

SurgePays Stock Down 2.3 %

SURG stock traded down $0.04 during midday trading on Tuesday, hitting $1.73. The company’s stock had a trading volume of 65,897 shares, compared to its average volume of 397,578. The firm’s 50-day moving average is $1.71 and its 200-day moving average is $2.77. The company has a current ratio of 7.38, a quick ratio of 6.11 and a debt-to-equity ratio of 0.07. SurgePays has a 12 month low of $1.33 and a 12 month high of $9.23. The company has a market cap of $34.17 million, a PE ratio of 19.22 and a beta of 0.92.

SurgePays (NASDAQ:SURG) last released its quarterly earnings data on Tuesday, August 13th. The medical equipment provider reported ($0.66) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.49). SurgePays had a negative net margin of 1.36% and a negative return on equity of 3.97%. The business had revenue of $15.09 million for the quarter, compared to analysts’ expectations of $9.02 million. On average, equities research analysts forecast that SurgePays will post -1.02 earnings per share for the current fiscal year.

SurgePays announced that its Board of Directors has approved a stock buyback program on Tuesday, August 13th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 14.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Anthony George Evers sold 33,334 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total transaction of $51,334.36. Following the sale, the chief financial officer now owns 261,590 shares in the company, valued at approximately $402,848.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Anthony George Evers sold 33,334 shares of SurgePays stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total transaction of $51,334.36. Following the completion of the transaction, the chief financial officer now directly owns 261,590 shares in the company, valued at approximately $402,848.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Brian Cox sold 35,100 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.48, for a total value of $51,948.00. Following the completion of the sale, the chief executive officer now owns 5,786,012 shares in the company, valued at $8,563,297.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,117 shares of company stock valued at $191,123 over the last ninety days. Company insiders own 29.40% of the company’s stock.

Institutional Investors Weigh In On SurgePays

A number of institutional investors have recently bought and sold shares of the business. Privium Fund Management B.V. bought a new position in shares of SurgePays in the first quarter worth about $109,000. Vanguard Group Inc. raised its position in shares of SurgePays by 8.2% during the first quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock valued at $1,946,000 after buying an additional 38,195 shares during the last quarter. Truvestments Capital LLC lifted its holdings in shares of SurgePays by 3,541.8% in the first quarter. Truvestments Capital LLC now owns 58,123 shares of the medical equipment provider’s stock worth $224,000 after buying an additional 56,527 shares in the last quarter. National Bank of Canada FI boosted its position in shares of SurgePays by 50.0% during the second quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock worth $111,000 after acquiring an additional 12,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in SurgePays by 49.0% during the second quarter. Dimensional Fund Advisors LP now owns 24,331 shares of the medical equipment provider’s stock valued at $78,000 after acquiring an additional 7,998 shares in the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets reduced their price objective on shares of SurgePays from $9.50 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th.

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.