Southport Acquisition (NYSE:ANGX) Sets New 12-Month Low – Here’s What Happened

Southport Acquisition Corp (NYSE:ANGX) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $2.91 and last traded at $3.02, with a volume of 318553 shares traded. The stock had previously closed at $3.05.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Oppenheimer initiated coverage on Southport Acquisition in a research note on Thursday, December 18th. They issued an “outperform” rating and a $8.00 target price on the stock. B. Riley Financial began coverage on shares of Southport Acquisition in a research report on Wednesday, February 25th. They set a “buy” rating and a $7.00 price target for the company. Roth Mkm initiated 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Southport Acquisition in a research note on Friday, March 27th. Finally, Zacks Research upgraded shares of Southport Acquisition to a “hold” rating in a research report on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Southport Acquisition presently has a consensus rating of “Moderate Buy” and an average target price of $8.25.

Southport Acquisition Trading Down 0.5%

The firm has a market cap of $505.98 million, a P/E ratio of -4.46 and a beta of 0.22. The business has a 50-day simple moving average of $3.63. The company has a current ratio of 0.62, a quick ratio of 0.61 and a debt-to-equity ratio of 1.12.

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

Southport Acquisition Company Profile

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.