SurgePays, Inc. (NASDAQ:SURG) Sees Significant Growth in Short Interest

SurgePays, Inc. (NASDAQ:SURG) was the target of a large growth in short interest in 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. Currently, 13.6% of the shares of the stock are short sold. Based on an average trading volume of 33,426,869 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SURG. Ascendiant Capital Markets cut their target price on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. Weiss Ratings restated a “sell (e+)” rating on shares of SurgePays in a research report on Wednesday, August 19th. Finally, Zacks Research upgraded SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. One 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. Based on data from MarketBeat.com, SurgePays currently has a consensus rating of “Hold” and an average price target of $3.50.

Hedge Funds Weigh In On SurgePays

An institutional investor recently raised its stake in SurgePays stock. Cetera Investment Advisers increased its holdings in SurgePays, Inc. (NASDAQ:SURG) by 43.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 approximately 0.26% of SurgePays worth $50,000 as of its most recent SEC filing. 6.94% of the stock is owned by institutional investors.

SurgePays Trading Down 0.8%

NASDAQ:SURG opened at $0.15 on Friday. The company has a market cap of $7.92 million, a price-to-earnings ratio of -0.10 and a beta of 0.39. SurgePays has a twelve month low of $0.14 and a twelve month high of $3.14. The stock has a fifty day simple moving average of $0.21 and a 200-day simple moving average of $0.45.

SurgePays (NASDAQ:SURG) last posted its quarterly earnings results on Wednesday, August 19th. The medical equipment provider reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.16. As a group, equities research analysts predict that SurgePays will post -0.7 EPS for the current fiscal year.

About SurgePays

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.