SurgePays, Inc. (NASDAQ:SURG) Short Interest Update

by · The Cerbat Gem

SurgePays, Inc. (NASDAQ:SURG – Get Free Report) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 486,000 shares, an increase of 22.2% from the September 30th total of 397,700 shares. Based on an average daily volume of 176,700 shares, the short-interest ratio is presently 2.8 days. Currently, 3.6% of the shares of the stock are sold short.

Insider Buying and Selling at SurgePays

In other news, CFO Anthony George Evers sold 33,334 shares of the company’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 transaction, the chief financial officer now directly owns 261,590 shares of the company’s stock, valued at $402,848.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other SurgePays news, CEO Kevin Brian Cox sold 35,100 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.48, for a total transaction of $51,948.00. Following the completion of the sale, the chief executive officer now directly owns 5,786,012 shares in the company, valued at approximately $8,563,297.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony George Evers sold 33,334 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $1.54, for a total value of $51,334.36. Following the transaction, the chief financial officer now directly owns 261,590 shares of the company’s stock, valued at $402,848.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,117 shares of company stock valued at $191,123. Company insiders own 29.40% of the company’s stock.

Institutional Investors Weigh In On SurgePays

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in SurgePays by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 505,380 shares of the medical equipment provider’s stock valued at $1,946,000 after acquiring an additional 38,195 shares during the period. National Bank of Canada FI boosted its stake in shares of SurgePays by 50.0% in the second quarter. National Bank of Canada FI now owns 36,000 shares of the medical equipment provider’s stock valued at $111,000 after purchasing an additional 12,000 shares during the period. Renaissance Technologies LLC acquired a new position in shares of SurgePays in the second quarter valued at approximately $45,000. Dimensional Fund Advisors LP increased its stake in SurgePays by 49.0% during the 2nd 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 period. Finally, Truvestments Capital LLC increased its stake in SurgePays by 3,541.8% during the 1st quarter. Truvestments Capital LLC now owns 58,123 shares of the medical equipment provider’s stock worth $224,000 after buying an additional 56,527 shares during the period. 6.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Read Our Latest Research Report on SURG

SurgePays Trading Up 1.7 %

Shares of SURG traded up $0.03 during midday trading on Monday, reaching $1.77. The company had a trading volume of 85,661 shares, compared to its average volume of 399,172. The firm has a 50 day simple moving average of $1.71 and a 200-day simple moving average of $2.78. The company has a quick ratio of 6.11, a current ratio of 7.38 and a debt-to-equity ratio of 0.07. The stock has a market cap of $34.96 million, a PE ratio of 19.67 and a beta of 0.92. SurgePays has a 1-year low of $1.33 and a 1-year high of $9.23.

SurgePays (NASDAQ:SURG – Get Free Report) last issued its earnings results on Tuesday, August 13th. The medical equipment provider reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.49). The firm had revenue of $15.09 million for the quarter, compared to analysts’ expectations of $9.02 million. SurgePays had a negative return on equity of 3.97% and a negative net margin of 1.36%. Research analysts forecast that SurgePays will post -1.02 EPS for the current fiscal year.

SurgePays announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 14.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

About SurgePays

(Get Free Report)

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.

Read More