Angel Studios Shares Rise After B. Riley Upgrade

Angel Studios (NYSE:ANGX) shares climbed 6.8% on Friday after B. Riley Financial raised its price target from $8.00 to $9.00, maintaining a Buy rating. The stock traded as high as $5.12, closing near $5.23, up from the previous day's close of $4.90. Trading volume during the mid-day session was approximately 253,428 shares, a significant 80% decline from the average session volume of 1,261,829 shares.

The company recently reported financial results for the quarter ended August 4, posting an earnings per share loss of $0.13. This figure exceeded the consensus estimate of a $0.15 loss by $0.02. Revenue for the period was reported at $111.71 million. According to data aggregated by MarketBeat, the stock currently carries a Moderate Buy consensus with an average target price of $8.75.

Insider Buying Increases Ownership Stake

Corporate insiders have been active buyers recently. Director Steven I. Sarowitz purchased 355,998 shares at an average price of $5.28 per share on September 10, a transaction valued at nearly $1.88 million. This purchase increased his total holdings to 1,240,841 shares, representing a 40.23% increase in his ownership stake.

Jeffrey Harmon also acquired 178,700 shares at an average cost of $4.08 per share on August 13. This move increased his position by 678.85% to a total of 205,024 shares. Over the last 90 days, insiders have collectively acquired 1,219,101 shares valued at $5.56 million. Corporate insiders now own 30.10% of the company’s outstanding stock.

Institutional Investors Adjust Positions

Several institutional investors have modified their exposure to Angel Studios. AWM Investment Company Inc. established a new position worth approximately $1.68 million in the second quarter. Cetera Investment Advisers increased its stake by 124.0% in the first quarter, adding 13,915 shares to a total of 25,135 shares.

EverSource Wealth Advisors LLC grew its holding by 77.0% in the first quarter, resulting in an ownership of 8,718 shares. Other new entrants include AXQ Capital LP and OneAscent Financial Services LLC, which opened positions worth $100,000 and $41,000, respectively. Institutional investors currently hold 38.57% of the company’s stock.

Market Valuation And Technical Metrics

Angel Studios has a market capitalization of $975.61 million. The company's 50-day moving average stands at $4.43, while the 200-day moving average is $3.57. The stock has a beta of -0.02 and a price-to-earnings ratio of -5.62, reflecting its current unprofitable status.