Southport Acquisition (NYSE:ANGX) Trading 7.5% Higher – Time to Buy?

Southport Acquisition Corp (NYSE:ANGX)’s stock price was up 7.5% during trading on Monday . The stock traded as high as $4.01 and last traded at $3.9770. Approximately 419,731 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 744,845 shares. The stock had previously closed at $3.70.

Wall Street Analysts Forecast Growth

ANGX has been the topic of a number of recent research reports. Oppenheimer started 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Southport Acquisition in a report on Monday, December 29th. Roth Mkm began coverage on shares of Southport Acquisition in a research report on Tuesday, December 16th. They set a “buy” rating and a $9.00 price target for the company. Zacks Research upgraded shares of Southport Acquisition to a “hold” rating in a report on Wednesday, December 17th. Finally, B. Riley Financial began coverage on shares of Southport Acquisition in a research report on Wednesday, February 25th. They issued a “buy” rating and a $7.00 price objective on the stock. One research 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.25.

Southport Acquisition Trading Up 7.0%

The business has a 50-day moving average price of $3.94. The company has a market capitalization of $667.61 million, a P/E ratio of -15.86 and a beta of 0.06. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.62 and a quick ratio of 0.61.

Southport Acquisition (NYSE:ANGX) last issued its 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.

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.