Agora (NASDAQ:API) Shares Up 6.3%

Agora, Inc. (NASDAQ:API)’s stock price shot up 6.3% on Wednesday . The stock traded as high as $42.62 and last traded at $42.52. 10,743 shares traded hands during trading, a decline of 99% from the average session volume of 1,830,602 shares. The stock had previously closed at $40.00.

Several research firms recently weighed in on API. Nomura began coverage on Agora in a report on Tuesday, April 13th. They set a “buy” rating and a $70.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $78.00 price target on shares of Agora in a report on Wednesday, February 24th. Zacks Investment Research lowered Agora from a “hold” rating to a “sell” rating in a research note on Thursday, May 27th. Finally, Macquarie reduced their target price on Agora from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, May 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $57.14.

The firm has a market cap of $4.73 billion and a price-to-earnings ratio of -9.25. The stock has a 50 day simple moving average of $47.66.

Agora (NASDAQ:API) last announced its quarterly earnings results on Sunday, May 23rd. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.13). The firm had revenue of $40.23 million for the quarter, compared to analysts’ expectations of $37.59 million. Agora had a negative net margin of 15.04% and a negative return on equity of 2.90%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. Analysts forecast that Agora, Inc. will post -0.29 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its position in Agora by 43.2% during the first quarter. Rockefeller Capital Management L.P. now owns 1,790 shares of the company’s stock valued at $89,000 after purchasing an additional 540 shares in the last quarter. Infini Master Fund bought a new stake in Agora during the first quarter valued at about $237,000. Man Group plc bought a new stake in Agora during the first quarter valued at about $243,000. Oppenheimer & Co. Inc. bought a new stake in Agora during the first quarter valued at about $310,000. Finally, Vident Investment Advisory LLC boosted its position in Agora by 43.8% during the fourth quarter. Vident Investment Advisory LLC now owns 6,718 shares of the company’s stock valued at $266,000 after purchasing an additional 2,046 shares in the last quarter. Hedge funds and other institutional investors own 45.61% of the company’s stock.

About Agora (NASDAQ:API)

Agora, Inc provides Real-Time Engagement Platform-as-a-Service (RTE-PaaS) in the People's Republic of China, the United States, and internationally. Its RTE-PaaS offers developers with software tools to embed real-time video, voice, and messaging functionalities into applications. The company's enterprise-grade products include Real-Time Video, Real-Time Voice, Live Interactive Video and Audio Streaming, Real-Time Messaging, Real-Time Recording, Real-Time Streaming Acceleration, Agora Analytics, and various use case products that serves as building blocks for developers to embed the respective functions in applications.

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