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Angel Studios

ANGX on NYSE. Market value $68m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 140 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Stephen D. Oskoui
    Passive investor
    at least 19.6%
    (filed with 3 related holders)
    Since 10 September 2025
  • Jeffrey Harmon
    Insider or founder
    11.9%−6.3 pts
    Since 29 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and restated as follows: The Reporting Person owns the Common Stock for investment purposes and to incentivize him in connection with his employment with the Issuer. In his capacity as Chief Content Officer of the Issuer, the…

    Read the filing
  • Neal Harmon
    Insider or founder
    11.8%−6.5 pts
    Since 29 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and restated as follows: The Reporting Person owns the Common Stock for investment purposes and to incentivize him in connection with his employment with the Issuer. In his capacity as Chief Executive Officer and member of the board…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $7m of shares on the open market.

Cluster buy3 insiders bought within 30 days (12 August 2026 to 11 September 2026).
  • Sarowitz Steven I
    Director
    Bought
    Date
    11 September 2026
    Shares
    88,647
    Price
    $5.33
    Value
    $472,604
  • Sarowitz Steven I
    Director
    Bought
    Date
    10 September 2026
    Shares
    355,998
    Price
    $5.28
    Value
    $2m
  • Sarowitz Steven I
    Director
    Bought
    Date
    9 September 2026
    Shares
    132,639
    Price
    $4.95
    Value
    $657,054
  • Sarowitz Steven I
    Director
    Bought
    Date
    1 September 2026
    Shares
    10,979
    Price
    $4.27
    Value
    $46,925
  • Harmon Neal
    Chief Executive Officer, Director
    Bought
    Date
    14 August 2026
    Shares
    29,193
    Price
    $4.28
    Value
    $125,005
  • Harmon Jeffrey
    Chief Content Officer
    Bought
    Date
    14 August 2026
    Shares
    51,380
    Price
    $4.26
    Value
    $219,115
  • Sarowitz Steven I
    Director
    Bought
    Date
    14 August 2026
    Shares
    57,922
    Price
    $4.26
    Value
    $246,806
  • Harmon Jeffrey
    Chief Content Officer
    Bought
    Date
    13 August 2026
    Shares
    178,700
    Price
    $4.08
    Value
    $729,596
  • Sarowitz Steven I
    Director
    Bought
    Date
    13 August 2026
    Shares
    107,662
    Price
    $4.12
    Value
    $443,277
  • Harmon Neal
    Chief Executive Officer, Director
    Bought
    Date
    13 August 2026
    Shares
    29,036
    Price
    $4.31
    Value
    $125,007

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 9 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On September 15, 2025, the audit committee of the Board approved the appointment of Tanner LLC, (“ Tanner ”) as the Company’s independent registered public accounting firm to audit the Company’s consolidated financial statements effective for the year ended December 31, 2025.”

    From an 8-K filed 15 September 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.