Southport Acquisition (NYSE:ANGX) Trading 7.5% Higher – Here’s Why

Shares of Southport Acquisition Corp (NYSE:ANGX) were up 7.5% during mid-day trading on Monday . The stock 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

Several equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Southport Acquisition in a research report on Monday, December 29th. Oppenheimer started 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. Maxim Group began coverage on Southport Acquisition in a report on Thursday, January 22nd. They issued a “buy” rating and a $9.00 target price for the company. B. Riley Financial began coverage on Southport Acquisition in a report on Wednesday, February 25th. They set a “buy” rating and a $7.00 price target on the stock. Finally, Texas Capital raised Southport Acquisition to a “strong-buy” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $8.25.

Southport Acquisition Stock Up 7.0%

The stock’s fifty day moving average price is $3.94. The company has a current ratio of 0.62, a quick ratio of 0.61 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $667.61 million, a price-to-earnings ratio of -15.86 and a beta of 0.06.

Southport Acquisition (NYSE:ANGX) last released its quarterly earnings data on Thursday, March 12th. The company reported ($0.42) earnings per share 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 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.