Southport Acquisition (NYSE:ANGX) Stock Price Up 13.2% – Here’s Why

Southport Acquisition Corp (NYSE:ANGX)’s stock price rose 13.2% during trading on Wednesday . The stock traded as high as $3.79 and last traded at $3.69. Approximately 561,255 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 709,413 shares. The stock had previously closed at $3.26.

Analyst Ratings Changes

Several analysts recently commented on ANGX shares. Wall Street Zen lowered Southport Acquisition to a “strong sell” rating in a report on Thursday, November 20th. Zacks Research raised shares of Southport Acquisition to a “hold” rating in a report on Wednesday, December 17th. Maxim Group began coverage on shares of Southport Acquisition in a report on Thursday, January 22nd. They set a “buy” rating and a $9.00 price target on the stock. B. Riley Financial began coverage on shares of Southport Acquisition in a research report on Wednesday. They set a “buy” rating and a $7.00 price target on the stock. Finally, Oppenheimer initiated coverage on shares of Southport Acquisition in a research report on Thursday, December 18th. They issued an “outperform” rating and a $8.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.25.

Southport Acquisition Stock Up 10.4%

The company has a market cap of $607.07 million, a P/E ratio of -14.40 and a beta of 0.05. The business has a 50-day simple moving average of $4.14. The company has a quick ratio of 1.07, a current ratio of 1.09 and a debt-to-equity ratio of 1.12.

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.