Southport Acquisition (NYSE:ANGX) Trading 13.2% Higher Following Analyst Upgrade

Southport Acquisition Corp (NYSE:ANGX) rose 13.2% during mid-day trading on Wednesday after Texas Capital upgraded the stock to a strong-buy rating. 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.

Other equities research analysts have also recently issued research reports about the company. Zacks Research upgraded Southport Acquisition to a “hold” rating in a research note on Wednesday, December 17th. Maxim Group assumed coverage on Southport Acquisition in a research report on Thursday, January 22nd. They set a “buy” rating and a $9.00 target price on the stock. Wall Street Zen downgraded Southport Acquisition to a “strong sell” rating in a research note on Thursday, November 20th. Roth Mkm initiated coverage on Southport Acquisition in a report on Tuesday, December 16th. They issued a “buy” rating and a $9.00 price target for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Southport Acquisition in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Southport Acquisition presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.25.

Southport Acquisition Stock Up 1.3%

The business’s fifty day moving average price is $4.05. The company has a current ratio of 1.09, a quick ratio of 1.07 and a debt-to-equity ratio of 1.12.

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.