SurgePays, Inc. (NASDAQ:SURG) Short Interest Down 31.9% in December

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a large drop in short interest during 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. Approximately 2.8% of the company’s shares are sold short. Based on an average daily volume of 530,900 shares, the days-to-cover ratio is currently 0.7 days.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, CEO Kevin Brian Cox sold 35,180 shares of the 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 transaction, the chief executive officer now owns 5,770,090 shares of the company’s stock, valued at approximately $10,501,563.80. This trade represents a 0.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anthony George Evers sold 36,666 shares of SurgePays 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 completion of the sale, the chief financial officer now owns 214,924 shares of the company’s stock, valued at $399,758.64. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. Corporate 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. Corsair Capital Management L.P. raised its position 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 in the last quarter. Geode Capital Management LLC raised its holdings in SurgePays by 11.3% during the third quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider’s stock worth $272,000 after purchasing an additional 15,039 shares in the last quarter. Truvestments Capital LLC raised its stake 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 acquiring an additional 15,956 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of SurgePays during the second quarter worth about $45,000. Finally, Dimensional Fund Advisors LP lifted its stake 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 during the last quarter. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

SurgePays Stock Up 0.6 %

Shares of NASDAQ SURG traded up $0.01 during midday trading on Friday, hitting $1.59. The company’s stock had a trading volume of 3,225 shares, compared to its average volume of 126,338. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 4.70. The firm has a market capitalization of $32.05 million, a price-to-earnings ratio of -1.41 and a beta of 1.04. The business’s fifty day simple moving average is $1.76 and its two-hundred day simple moving average is $1.99. SurgePays has a 1 year low of $1.33 and a 1 year high of $9.23.

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