Southport Acquisition (NYSE:ANGX) Trading 13.2% Higher Following Analyst Upgrade

Southport Acquisition Corp (NYSE:ANGX)’s share price traded up 13.2% on Wednesday after Texas Capital upgraded the stock to a strong-buy rating. The company traded as high as $3.79 and last traded at $3.69. 561,255 shares traded hands during trading, a decline of 21% from the average session volume of 709,413 shares. The stock had previously closed at $3.26.

Several other brokerages also recently weighed in on ANGX. Oppenheimer began coverage on Southport Acquisition in a research note on Thursday, December 18th. They set an “outperform” rating and a $8.00 target price on the stock. B. Riley Financial initiated coverage on shares of Southport Acquisition in a report on Wednesday. They issued a “buy” rating and a $7.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Southport Acquisition in a research report on Monday, December 29th. Roth Mkm assumed coverage on shares of Southport Acquisition in a research report on Tuesday, December 16th. They set a “buy” rating and a $9.00 price target on the stock. Finally, Wall Street Zen cut shares of Southport Acquisition to a “strong sell” rating in a report on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.25.

Southport Acquisition Price Performance

The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.07 and a current ratio of 1.09. The business has a 50-day moving average of $4.05.

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.