Southport Acquisition (NYSE:ANGX) Hits New 12-Month Low - Here's What Happened

Key Points

• Shares of Southport Acquisition (ANGX) hit a new 52-week low, trading as low as $2.83 and last at $2.8670 on volume of 1,142,483, down about 2.2%.
• Analysts hold a consensus Moderate Buy rating with an average target of $8.25 after recent initiations (targets roughly $7–$9); the coverage breakdown is 1 Strong Buy, 4 Buy, 1 Hold and 1 Sell.
• The SPAC reported Q results showing EPS of ($0.42) which missed estimates (consensus ($0.21)) while revenue beat ($109.9M vs. $95.3M), and its fundamentals show a market cap of $485.99M, current ratio 0.62 and debt/equity of 1.12.

Southport Acquisition Corp (NYSE:ANGX - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.83 and last traded at $2.8670, with a volume of 1142483 shares. The stock had previously closed at $2.93.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Maxim Group started coverage on Southport Acquisition in a research note on Thursday, January 22nd. They set a "buy" rating and a $9.00 target price for the company. Oppenheimer started coverage on Southport Acquisition in a research note on Thursday, December 18th. They issued an "outperform" rating and a $8.00 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Southport Acquisition in a research note on Friday, March 27th. Zacks Research raised Southport Acquisition to a "hold" rating in a research note on Wednesday, December 17th. Finally, B. Riley Financial started coverage on Southport Acquisition in a research note on Wednesday, February 25th. They issued a "buy" rating and a $7.00 price objective for the company. One research 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 assigned a Sell rating to the stock. According to MarketBeat, Southport Acquisition presently has a consensus rating of "Moderate Buy" and an average target price of $8.25.

Southport Acquisition Stock Down 2.2%

The stock has a 50-day simple moving average of $3.53. 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 firm has a market capitalization of $485.99 million, a price-to-earnings ratio of -4.28 and a beta of 0.22.

Southport Acquisition (NYSE:ANGX - Get Free Report) 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 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.

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