Short Interest in SurgePays, Inc. (NASDAQ:SURG) Declines By 42.1%

SurgePays, Inc. (NASDAQ:SURG - Get Free Report) saw a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 163,900 shares, a decrease of 42.1% from the September 30th total of 282,900 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average trading volume of 118,900 shares, the short-interest ratio is currently 1.4 days. Based on an average trading volume of 118,900 shares, the short-interest ratio is currently 1.4 days. Currently, 1.3% of the shares of the stock are sold short.SurgePays Trading Down 2.9%Penny Stock SurgePays Rises 70%: 1 Reason to Buy, 5 to Sell Shares of SurgePays stock traded down $0.08 during mid-day trading on Friday, hitting $2.64. The stock had a trading volume of 95,430 shares, compared to its average volume of 107,193. The firm has a 50-day moving average of $2.79 and a two-hundred day moving average of $2.83. SurgePays has a 12-month low of $1.05 and a 12-month high of $3.47. The company has a quick ratio of 0.84, a current ratio of 1.11 and a debt-to-equity ratio of 101.87. The firm has a market cap of $53.94 million, a P/E ratio of -1.06 and a beta of 0.43. SurgePays (NASDAQ:SURG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The medical equipment provider reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.05). SurgePays had a negative net margin of 133.85% and a negative return on equity of 333.87%. The firm had revenue of $11.52 million during the quarter, compared to analysts' expectations of $16.14 million. SurgePays has set its FY 2025 guidance at EPS. Sell-side analysts forecast that SurgePays will post -1.66 earnings per share for the current year. Institutional Trading of SurgePaysSeveral hedge funds have recently made changes to their positions in the company. James Investment Research Inc. grew its stake in shares of SurgePays by 71.1% in the 3rd quarter. James Investment Research Inc. now owns 32,500 shares of the medical equipment provider's stock valued at $91,000 after buying an additional 13,500 shares during the period. Gerber LLC purchased a new stake in shares of SurgePays in the 3rd quarter valued at approximately $38,000. Jane Street Group LLC purchased a new stake in shares of SurgePays in the 2nd quarter valued at approximately $42,000. NewEdge Advisors LLC boosted its position in shares of SurgePays by 46.2% during the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider's stock worth $59,000 after purchasing an additional 6,000 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of SurgePays during the 2nd quarter worth approximately $125,000. Hedge funds and other institutional investors own 6.94% of the company's stock. Wall Street Analysts Forecast GrowthA number of equities research analysts have recently issued reports on SURG shares. Weiss Ratings restated a "sell (e+)" rating on shares of SurgePays in a research report on Wednesday, October 8th. Ascendiant Capital Markets increased their price target on SurgePays from $9.00 to $9.50 and gave the company a "buy" rating in a report on Friday, October 3rd. Finally, Wall Street Zen raised SurgePays from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $9.50.Read Our Latest Stock Analysis on SURGSurgePays Company Profile (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.Featured StoriesFive stocks we like better than SurgePaysHow to Read Stock Charts for BeginnersIs Beyond Meat a Buy After Meme Stock Surge? Analysts Say NoBest Stocks Under $10.00 ABBV Stock: $250 May Be the New Floor After Big Q3 Earnings BeatWhat is Forex and How Does it Work? Super Micro's Moment of Truth: A Growth Story Under PressureThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in SurgePays Right Now?Before you consider SurgePays, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SurgePays wasn't on the list.While SurgePays currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here