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SurgePays Inc. (NASDAQ: SURG) Slashes -9.00%: The Most Likely Path Going Forward

SurgePays Inc. (NASDAQ:SURG) shares, rose in value on Friday, 08/05/22, with the stock price down by -9.00% to the previous day’s close as strong demand from buyers drove the stock to $6.17.

Actively observing the price movement in the last trading, the stock closed the session at $6.78, falling within a range of $5.92 and $6.9399. The value of beta (5-year monthly) was 1.46. Referring to stock’s 52-week performance, its high was $7.30, and the low was $1.76. On the whole, SURG has fluctuated by 35.31% over the past month.

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With the market capitalization of SurgePays Inc. currently standing at about $73.30 million, investors are eagerly awaiting this quarter’s results, scheduled for Apr 04, 2022 – Apr 08, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.08, which is expected to increase to $0.4 for fiscal year $1.04 and then to about $2.4 by fiscal year 2023. Data indicates that the EPS growth is expected to be 133.70% in 2023, while the next year’s EPS growth is forecast to be 130.80%.

Analysts have estimated the company’s revenue for the quarter at $27.98 million, with a low estimate of $26.5 million and a high estimate of $29.47 million. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $127.88 million, representing an increase of 150.40% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SURG’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SURG currently trading nearly 9.40% and 20.28% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 57.00, while the 7-day volatility ratio is showing 8.75% which for the 30-day chart, stands at 10.09%. Furthermore, SurgePays Inc. (SURG)’s beta value is 1.79, and its average true range (ATR) is 0.51.

Data on historical trading for SurgePays Inc. (NASDAQ:SURG) indicates that the trading volumes over the past 10 days have averaged 0.34 million and over the past 3 months, they’ve averaged 147.45K. According to company’s latest data on outstanding shares, there are 12.06 million shares outstanding.

Nearly 29.30% of SurgePays Inc.’s shares belong to company insiders and institutional investors own 4.60% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 0.64 million shares as on Jul 14, 2022, resulting in a short ratio of 7.9. According to the data, the short interest in SurgePays Inc. (SURG) stood at 5.22% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 0.64 million. The stock has risen by 205.45% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SURG stock heading into the next quarter.

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