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

SurgePays, Inc. (NASDAQ:SURG) was the target of a large drop in short interest in February. As of February 15th, there was short interest totalling 365,800 shares, a drop of 12.7% from the January 31st total of 419,000 shares. Based on an average trading volume of 505,300 shares, the days-to-cover ratio is currently 0.7 days. Approximately 2.6% of the company’s stock are short sold.

SurgePays Stock Up 8.8 %

NASDAQ:SURG opened at $1.23 on Thursday. The company’s 50-day simple moving average is $1.52 and its 200-day simple moving average is $1.66. The company has a debt-to-equity ratio of 0.08, a quick ratio of 4.70 and a current ratio of 6.24. SurgePays has a fifty-two week low of $1.05 and a fifty-two week high of $7.32. The stock has a market capitalization of $24.80 million, a P/E ratio of -1.09 and a beta of 1.00.

Institutional Investors Weigh In On SurgePays

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Corsair Capital Management L.P. increased its position in shares of SurgePays by 50.3% during the third quarter. Corsair Capital Management L.P. now owns 29,864 shares of the medical equipment provider’s stock worth $55,000 after purchasing an additional 10,000 shares in the last quarter. Geode Capital Management LLC grew its stake in SurgePays by 11.3% during the 3rd quarter. Geode Capital Management LLC now owns 148,018 shares of the medical equipment provider’s stock worth $272,000 after buying 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 valued at $156,000 after buying an additional 15,956 shares in the last quarter. Royce & Associates LP acquired a new position in SurgePays during the 3rd quarter valued at about $34,000. Finally, Jane Street Group LLC purchased a new stake in SurgePays in the fourth quarter valued at about $54,000. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Wall Street Analyst Weigh In

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

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.