Southport Acquisition (NYSE:ANGX) Hits New 52-Week Low – Here’s Why

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. 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 target price on the stock. Zacks Research upgraded shares of Southport Acquisition to a “hold” rating in a research report on Wednesday, December 17th. Maxim Group assumed coverage on Southport Acquisition in a research report on Thursday, January 22nd. They issued a “buy” rating and a $9.00 price objective on the stock. Roth Mkm began coverage on Southport Acquisition in a report on Tuesday, December 16th. They set a “buy” rating and a $9.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Southport Acquisition in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $8.67.

Southport Acquisition Stock Performance

The business’s fifty day simple moving average is $4.64. The company has a current ratio of 1.09, a quick ratio of 1.07 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $603.70 million, a price-to-earnings ratio of -14.32 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.