Southport Acquisition (NYSE:ANGX) Trading 7.5% Higher – What’s Next?

Southport Acquisition Corp (NYSE:ANGX)’s share price was up 7.5% during mid-day trading on Monday . The company traded as high as $4.01 and last traded at $3.9770. Approximately 419,731 shares changed hands during trading, a decline of 44% from the average daily volume of 744,845 shares. The stock had previously closed at $3.70.

Analysts Set New Price Targets

ANGX has been the topic of a number of research reports. Roth Mkm started coverage on shares of Southport Acquisition in a report on Tuesday, December 16th. They issued a “buy” rating and a $9.00 price objective on the stock. Maxim Group started coverage on shares of Southport Acquisition in a research note on Thursday, January 22nd. They set a “buy” rating and a $9.00 price target on the stock. Zacks Research raised shares of Southport Acquisition to a “hold” rating in a research report on Wednesday, December 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Southport Acquisition in a research note on Monday, December 29th. Finally, Oppenheimer assumed coverage on Southport Acquisition in a research report on Thursday, December 18th. They set an “outperform” rating and a $8.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Southport Acquisition currently has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Southport Acquisition Trading Down 4.7%

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.61 and a current ratio of 0.62. The stock has a market cap of $560.69 million, a P/E ratio of -13.30 and a beta of 0.06. The business has a 50 day moving average of $3.91.

Southport Acquisition (NYSE:ANGX) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.21). The firm had revenue of $109.93 million for the quarter, compared to analysts’ expectations of $95.30 million.

About Southport Acquisition

Southport Acquisition Corporation does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or assets. It intends to identify business opportunities in the field of financial software space with a focus on mortgage and real estate verticals. The company was incorporated in 2021 and is based in Del Mar, California.