Southport Acquisition (NYSE:ANGX) Hits New 1-Year Low – Here’s What Happened

Southport Acquisition Corp (NYSE:ANGX) shares hit a new 52-week low on Friday . The stock traded as low as $2.97 and last traded at $3.1350, with a volume of 118464 shares traded. The stock had previously closed at $3.04.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Roth Mkm started coverage on shares of Southport Acquisition in a research report on Tuesday, December 16th. They set a “buy” rating and a $9.00 price objective for the company. Texas Capital upgraded shares of Southport Acquisition to a “strong-buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Southport Acquisition in a report on Monday, December 29th. B. Riley Financial started coverage on Southport Acquisition in a research report on Wednesday, February 25th. They issued a “buy” rating and a $7.00 price target for the company. Finally, Zacks Research raised Southport Acquisition to a “hold” rating in a research note on Wednesday, December 17th. One investment 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.25.

Southport Acquisition Price Performance

The stock’s 50-day simple moving average is $3.85. 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 stock has a market cap of $533.04 million, a price-to-earnings ratio of -4.72 and a beta of 0.06.

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