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

SurgePays, Inc. (NASDAQ:SURG) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 392,300 shares, a decline of 19.3% from the October 15th total of 486,000 shares. Approximately 2.9% of the shares of the company are short sold. Based on an average trading volume of 182,300 shares, the days-to-cover ratio is presently 2.2 days.

Insiders Place Their Bets

In other SurgePays news, CFO Anthony George Evers sold 33,334 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.54, for a total transaction of $51,334.36. Following the completion of the sale, the chief financial officer now directly owns 261,590 shares in the company, valued at approximately $402,848.60. The trade was a 11.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kevin Brian Cox sold 35,100 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1.48, for a total transaction of $51,948.00. Following the transaction, the chief executive officer now owns 5,786,012 shares in the company, valued at $8,563,297.76. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,434 shares of company stock valued at $103,514. 29.40% of the stock is owned by company insiders.

Institutional Trading of SurgePays

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Truvestments Capital LLC lifted its holdings in SurgePays by 3,541.8% in the first quarter. Truvestments Capital LLC now owns 58,123 shares of the medical equipment provider’s stock worth $224,000 after acquiring an additional 56,527 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of SurgePays by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock worth $1,946,000 after purchasing an additional 38,195 shares in the last quarter. Royce & Associates LP purchased a new position in SurgePays in the 3rd quarter worth about $34,000. Geode Capital Management LLC boosted its position 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 buying an additional 15,039 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in SurgePays in the 2nd quarter valued at approximately $45,000. Institutional investors own 6.94% of the company’s stock.

SurgePays Stock Performance

Shares of SURG stock traded down $0.10 during mid-day trading on Friday, hitting $1.53. The stock had a trading volume of 175,716 shares, compared to its average volume of 388,053. The firm has a market cap of $30.85 million, a PE ratio of -1.35 and a beta of 0.94. SurgePays has a fifty-two week low of $1.33 and a fifty-two week high of $9.23. The company’s 50-day simple moving average is $1.70 and its 200-day simple moving average is $2.60. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.24 and a quick ratio of 6.11.

SurgePays (NASDAQ:SURG) last announced its earnings results on Tuesday, November 12th. The medical equipment provider reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.51). The company had revenue of $4.77 million for the quarter, compared to analyst estimates of $8.64 million. SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. During the same quarter last year, the company posted $0.49 EPS. Sell-side analysts anticipate that SurgePays will post -1.02 earnings per share for the current year.

SurgePays declared that its board has approved a stock buyback program on Tuesday, August 13th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 14.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets reduced their target price on shares of SurgePays from $9.50 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th.

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.