SurgePays, Inc. (NASDAQ:SURG) Sees Large Decline in Short Interest

SurgePays, Inc. (NASDAQ:SURG) saw a large decline in short interest in December. As of December 31st, there was short interest totalling 384,100 shares, a decline 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 volume of 530,900 shares, the days-to-cover ratio is presently 0.7 days.

Insider Buying and Selling at SurgePays

In other SurgePays news, CEO Kevin Brian Cox sold 35,180 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $1.82, for a total value of $64,027.60. Following the completion of the transaction, the chief executive officer now directly 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Anthony George Evers sold 36,666 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $1.86, for a total value of $68,198.76. Following the sale, the chief financial officer now directly owns 214,924 shares in the company, valued at $399,758.64. This trade represents a 14.57 % decrease in their position. The disclosure for this sale can be found here. 29.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SurgePays

Several large investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in SurgePays in the third quarter worth about $25,000. Royce & Associates LP purchased a new stake in shares of SurgePays in the third quarter worth approximately $34,000. Renaissance Technologies LLC purchased a new position in shares of SurgePays during the 2nd quarter valued at $45,000. Corsair Capital Management L.P. increased 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 worth $55,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings 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 worth $78,000 after buying an additional 7,998 shares during the last quarter. Institutional investors and hedge funds own 6.94% of the company’s stock.

SurgePays Stock Up 0.6 %

NASDAQ SURG traded up $0.01 on Friday, reaching $1.59. The company had a trading volume of 3,225 shares, compared to its average volume of 126,338. SurgePays has a 1 year low of $1.33 and a 1 year high of $9.23. The firm has a market capitalization of $32.05 million, a PE ratio of -1.41 and a beta of 1.04. 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 50-day moving average of $1.76 and a 200-day moving average of $1.99.

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

Analyst Upgrades and Downgrades

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

About SurgePays

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.