Southport Acquisition (NYSE:ANGX) Sets New 52-Week Low - Here's Why

Key Points

• Southport Acquisition (ANGX) hit a new 52-week low, trading as low as $2.91 and last at $3.02 on a volume of 318,553 shares.
• Analysts are broadly positive with a consensus rating of Moderate Buy and an average price target of $8.25, though individual ratings range from Strong Buy to Sell.
• The SPAC has limited operations and reported a Q EPS loss of ($0.42) that missed estimates despite revenue beating, with low liquidity (quick ratio 0.61) and a debt-to-equity ratio of 1.12.

Southport Acquisition Corp (NYSE:ANGX - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.91 and last traded at $3.02, with a volume of 318553 shares changing hands. The stock had previously closed at $3.05.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ANGX shares. Roth Mkm began coverage on Southport Acquisition in a report on Tuesday, December 16th. They set a "buy" rating and a $9.00 target price for the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Southport Acquisition in a research note on Friday. Maxim Group assumed 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. B. Riley Financial started coverage on shares of Southport Acquisition in a research note on Wednesday, February 25th. They issued a "buy" rating and a $7.00 price target on the stock. Finally, Oppenheimer began coverage on Southport Acquisition in a research report on Thursday, December 18th. They set an "outperform" rating and a $8.00 price objective on the stock. One 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $8.25.

Southport Acquisition Stock Down 0.3%

The company has a quick ratio of 0.61, a current ratio of 0.62 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average of $3.69. The firm has a market capitalization of $515.31 million, a P/E ratio of -4.54 and a beta of 0.06.

Southport Acquisition (NYSE:ANGX - Get Free Report) last issued its quarterly 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 analyst estimates of $95.30 million.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.