Agora (NASDAQ:API) Shares Gap Up – Here’s Why

Shares of Agora, Inc. (NASDAQ:API) gapped up before the market opened on Monday . The stock had previously closed at $5.16, but opened at $5.35. Agora shares last traded at $5.63, with a volume of 2,211,886 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Bank of America lowered shares of Agora from a “buy” rating to a “neutral” rating and cut their price target for the company from $4.00 to $2.63 in a report on Tuesday, August 20th.

Agora Trading Down 2.1 %

The company has a market cap of $465.62 million, a PE ratio of -11.49 and a beta of -0.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 8.29 and a current ratio of 6.15. The company has a 50 day simple moving average of $3.59 and a two-hundred day simple moving average of $2.76.

Hedge Funds Weigh In On Agora

Several hedge funds and other institutional investors have recently added to or reduced their stakes in API. Quadrature Capital Ltd acquired a new stake in Agora during the third quarter worth about $27,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Agora in the 3rd quarter worth approximately $28,000. Acadian Asset Management LLC increased its stake in shares of Agora by 8.4% in the second quarter. Acadian Asset Management LLC now owns 65,078 shares of the company’s stock valued at $137,000 after buying an additional 5,051 shares in the last quarter. Clearline Capital LP raised its position in Agora by 41.8% in the 2nd quarter. Clearline Capital LP now owns 122,999 shares of the company’s stock worth $261,000 after purchasing an additional 36,244 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Agora by 23.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 275,866 shares of the company’s stock valued at $585,000 after purchasing an additional 52,432 shares during the period. Institutional investors own 40.40% of the company’s stock.

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.