Southport Acquisition (NYSE:ANGX) Sets New 52-Week Low – What’s Next?

Shares of Southport Acquisition Corp (NYSE:ANGX) hit a new 52-week low on Tuesday . The stock traded as low as $3.57 and last traded at $3.59, with a volume of 107187 shares traded. The stock had previously closed at $3.78.

Analyst Upgrades and Downgrades

ANGX has been the topic of several research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Southport Acquisition in a research report on Monday, December 29th. Roth Mkm initiated 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. Maxim Group started coverage on Southport Acquisition in a research note on Thursday, January 22nd. They set a “buy” rating and a $9.00 price objective for the company. Wall Street Zen downgraded shares of Southport Acquisition to a “strong sell” rating in a report on Thursday, November 20th. Finally, Oppenheimer initiated coverage on shares of Southport Acquisition in a research report on Thursday, December 18th. They set an “outperform” rating and a $8.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $8.67.

Southport Acquisition Price Performance

The firm’s 50 day simple moving average is $4.58. 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 company has a market cap of $509.26 million, a price-to-earnings ratio of -12.08 and a beta of 0.05.

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.