Agora (NASDAQ:API) Stock Price Down 8.4% – Here’s What Happened

Agora, Inc. (NASDAQ:API)’s stock price was down 8.4% during trading on Monday . The stock traded as low as $5.55 and last traded at $5.64. Approximately 528,042 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 1,049,051 shares. The stock had previously closed at $6.16.

Analysts Set New Price Targets

Separately, Bank of America raised Agora from a “neutral” rating to a “buy” rating and upped their target price for the company from $3.10 to $6.00 in a research report on Thursday, January 16th.

Agora Price Performance

The company has a quick ratio of 6.15, a current ratio of 6.15 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $5.02 and a 200-day simple moving average of $3.91. The stock has a market cap of $600.22 million, a price-to-earnings ratio of -13.29, a PEG ratio of 4.36 and a beta of 0.38.

Agora (NASDAQ:API) last announced its quarterly earnings data on Monday, November 25th. The company reported ($0.26) earnings per share (EPS) for the quarter. Agora had a negative return on equity of 7.70% and a negative net margin of 33.74%. During the same period in the prior year, the firm earned ($0.23) EPS. As a group, research analysts anticipate that Agora, Inc. will post -0.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Agora

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Agora during the third quarter valued at $28,000. Clearline Capital LP lifted its position in Agora by 4.0% in the 3rd quarter. Clearline Capital LP now owns 127,974 shares of the company’s stock valued at $308,000 after purchasing an additional 4,975 shares during the last quarter. Harber Asset Management LLC boosted its stake in Agora by 6.1% during the 3rd quarter. Harber Asset Management LLC now owns 2,141,000 shares of the company’s stock valued at $5,160,000 after purchasing an additional 123,523 shares during the period. Quadrature Capital Ltd acquired a new position in Agora during the 3rd quarter valued at about $27,000. Finally, JPMorgan Chase & Co. grew its position in Agora by 0.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 610,457 shares of the company’s stock worth $1,471,000 after purchasing an additional 2,791 shares during the last quarter. 40.40% of the stock is currently owned by institutional investors and hedge funds.

About Agora

Agora, Inc operates in real-time engagement technology business in the People's Republic of China, the United States, and internationally. The company offers real-time engagement platform-as-a-services providing developers with application programming interfaces to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications.