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

Southport Acquisition Corp (NYSE:ANGX)’s share price gapped down before the market opened 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 trading hands.

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 for the quarter, compared to the consensus estimate of $95.30 million.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Maxim Group assumed coverage on Southport Acquisition in a research note on Thursday, January 22nd. They issued a “buy” rating and a $9.00 price target for the company. Texas Capital upgraded Southport Acquisition to a “strong-buy” rating in a report on Tuesday, February 24th. B. Riley Financial assumed coverage on Southport Acquisition in a research report on Wednesday, February 25th. They issued a “buy” rating and a $7.00 target price for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Southport Acquisition in a research note on Monday, December 29th. Finally, Zacks Research raised shares of Southport Acquisition to a “hold” rating in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Southport Acquisition Stock Down 17.2%

The stock has a market capitalization of $623.09 million, a P/E ratio of -14.78 and a beta of 0.06. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.07 and a current ratio of 1.09. The stock’s fifty day moving average price is $3.94.

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.