Why Did Angel Studios Stock Surge 13% Today?

Angel Studios Inc. (ANGX) stock traded over 13% higher in Thursday’s premarket as the "cancel" subscriptions campaign against streaming giant Netflix Inc. (NFLX) drove interest toward the company. 

The backlash toward Netflix was triggered by resurfaced comments from a show creator linked to the platform, in response to activist Charlie Kirk’s assassination.

Hamish Steele, creator of the animated show "Dead End: Paranormal Park," faced criticism over a previously posted message that resurfaced on social media. Meanwhile, actor-comedian Rob Schneider also drew attention to the company through a post on the platform X. 

A bullish Stocktwits user commended the company. 

Notably, several people shared on social media that they had canceled their Netflix subscriptions. On Wednesday, Elon Musk posted on X, saying, "Cancel Netflix for the health of your kids." 

In another post, he appeared concerned that the show "Dead End" includes messages supporting transgender topics aimed at children, a claim that’s gaining traction online.

Angel is a film and TV distribution company that relies on input from over 1.5 million paying members across over 180 countries, known as the Angel Guild, who help choose which projects the studio backs.

On September 10, Angel completed its business combination with Southport Acquisition Corporation, a special purpose acquisition company. The combined company’s shares began trading on the morning of September 11, on the New York Stock Exchange ("NYSE").

Angel Studios' stock has lost over 40% of its value since its listing. 

Also See: Sharps Technology Stock Rises Following $100M Buyback Program – Find Out More

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