Southport Acquisition (NYSE:ANGX) Shares Gap Down After Earnings Miss

Southport Acquisition Corp (NYSE:ANGX) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.46, but opened at $4.15. Southport Acquisition shares last traded at $4.1630, with a volume of 301,738 shares changing hands.

The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.21). The company had revenue of $109.93 million for the quarter, compared to the consensus estimate of $95.30 million.

Wall Street Analyst Weigh In

ANGX has been the subject of several recent analyst reports. Texas Capital upgraded Southport Acquisition to a “strong-buy” rating in a research note on Tuesday, February 24th. Wall Street Zen downgraded Southport Acquisition to a “strong sell” rating in a research report on Thursday, November 20th. Zacks Research raised Southport Acquisition to a “hold” rating in a report on Wednesday, December 17th. Roth Mkm began coverage on Southport Acquisition in a research report on Tuesday, December 16th. They issued a “buy” rating and a $9.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Southport Acquisition in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Southport Acquisition has a consensus rating of “Moderate Buy” and a consensus target price of $8.25.

Southport Acquisition Trading Down 17.2%

The stock has a fifty day moving average price of $3.94. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.09 and a quick ratio of 1.07. The stock has a market cap of $623.09 million, a P/E ratio of -14.78 and a beta of 0.06.

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.