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

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

Insider Transactions at SurgePays

In other news, CFO Anthony George Evers sold 36,666 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $1.86, for a total transaction of $68,198.76. Following the transaction, the chief financial officer now directly owns 214,924 shares of the company’s stock, valued at approximately $399,758.64. This trade represents a 14.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin Brian Cox sold 35,180 shares of SurgePays stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $1.82, for a total transaction of $64,027.60. Following the completion of the sale, the chief executive officer now owns 5,770,090 shares of the company’s stock, valued at approximately $10,501,563.80. The trade was a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 29.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SURG. Geode Capital Management LLC lifted its holdings in shares of SurgePays by 11.3% in the third quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider’s stock worth $272,000 after acquiring an additional 15,039 shares during the last quarter. Truvestments Capital LLC increased its position in SurgePays by 23.1% during the 3rd quarter. Truvestments Capital LLC now owns 84,946 shares of the medical equipment provider’s stock worth $156,000 after purchasing an additional 15,956 shares in the last quarter. Corsair Capital Management L.P. lifted its stake in 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 purchasing an additional 10,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its position 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 valued at $78,000 after buying an additional 7,998 shares in the last quarter. Finally, Royce & Associates LP acquired a new stake in SurgePays in the third quarter valued at approximately $34,000. Institutional investors own 6.94% of the company’s stock.

Analyst Ratings Changes

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

SurgePays Price Performance

Shares of SurgePays stock traded down $0.10 on Thursday, reaching $1.58. 170,298 shares of the stock were exchanged, compared to its average volume of 138,650. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24. The firm has a market cap of $31.85 million, a PE ratio of -1.40 and a beta of 1.04. The firm’s 50 day moving average is $1.76 and its 200-day moving average is $1.99. SurgePays has a one year low of $1.33 and a one year high of $9.23.

SurgePays (NASDAQ:SURG) last issued its earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.51). SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. The business had revenue of $4.77 million during the quarter, compared to analyst estimates of $8.64 million. During the same period in the prior year, the business posted $0.49 EPS. As a group, analysts anticipate that SurgePays will post -1.66 EPS for the current fiscal year.

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.