Southport Acquisition (NYSE:ANGX) Shares Gap Down Following Weak Earnings

Key Points

• Shares gapped down premarket after Southport reported an EPS miss of ($0.42) vs. ($0.21) expected (miss of $0.21) despite a revenue beat of $109.93M vs. $95.30M; the stock opened at $4.15 (prior close $4.46) and last traded around $4.1630 on 301,738 shares.
• Analyst coverage is mixed but tilted positive on average — MarketBeat shows a "Moderate Buy" consensus with an average price target of $8.25, while individual ratings range from Strong Buy/Buy to Strong Sell.
• Southport is a SPAC with no significant operations targeting financial software in the mortgage/real estate verticals, and its reported fundamentals include a quick ratio of 1.07, current ratio of 1.09, debt/equity of 1.12, market cap ≈ $709.8M and a negative PE (-16.66).

Shares of Southport Acquisition Corp (NYSE:ANGX - Get Free Report) gapped down prior to trading 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 traded.

The company reported ($0.42) earnings per share 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 analysts' expectations of $95.30 million.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ANGX shares. Oppenheimer began coverage on shares of Southport Acquisition in a research report on Thursday, December 18th. They issued an "outperform" rating and a $8.00 price target on the stock. Zacks Research upgraded shares of Southport Acquisition to a "hold" rating in a research note on Wednesday, December 17th. Roth Mkm assumed coverage on shares of Southport Acquisition in a report on Tuesday, December 16th. They issued a "buy" rating and a $9.00 target price on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Southport Acquisition in a research note on Monday, December 29th. Finally, Wall Street Zen lowered Southport Acquisition to a "strong sell" rating in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $8.25.

Southport Acquisition Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.09 and a debt-to-equity ratio of 1.12. The stock's 50 day moving average price is $3.96. The stock has a market capitalization of $709.76 million, a PE ratio of -16.66 and a beta of 0.06.

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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