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

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 1,430,000 shares, an increase of 303.7% from the March 15th total of 354,200 shares. Based on an average daily volume of 1,540,000 shares, the days-to-cover ratio is presently 0.9 days. Approximately 10.1% of the shares of the company are sold short.

SurgePays Stock Performance

Shares of SURG traded up $0.12 during trading hours on Friday, hitting $2.49. The company had a trading volume of 316,103 shares, compared to its average volume of 634,074. The firm has a market cap of $50.83 million, a price-to-earnings ratio of -2.20 and a beta of 0.57. The company has a quick ratio of 4.70, a current ratio of 6.24 and a debt-to-equity ratio of 0.08. The business has a fifty day moving average of $1.71 and a 200-day moving average of $1.71. SurgePays has a 12 month low of $1.05 and a 12 month high of $4.38.

SurgePays (NASDAQ:SURG - Get Free Report) last posted its earnings results on Tuesday, March 25th. The medical equipment provider reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.66). SurgePays had a negative net margin of 27.39% and a negative return on equity of 55.63%. The firm had revenue of $9.59 million during the quarter, compared to analyst estimates of $8.22 million. Equities analysts anticipate that SurgePays will post -1.66 EPS for the current fiscal year.

Institutional Trading of SurgePays

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC bought a new position in shares of SurgePays during the fourth quarter worth approximately $54,000. Northern Trust Corp lifted its position in shares of SurgePays by 67.4% during the 4th quarter. Northern Trust Corp now owns 63,269 shares of the medical equipment provider's stock valued at $113,000 after acquiring an additional 25,467 shares during the period. XTX Topco Ltd acquired a new stake in shares of SurgePays during the 4th quarter worth $53,000. Renaissance Technologies LLC raised its stake in SurgePays by 43.6% in the fourth quarter. Renaissance Technologies LLC now owns 49,400 shares of the medical equipment provider's stock valued at $88,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in SurgePays by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 156,115 shares of the medical equipment provider's stock worth $278,000 after buying an additional 8,097 shares in the last quarter. Institutional investors and hedge funds own 6.94% of the company's stock.

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.