Bank of America Upgrades Agora (NASDAQ:API) to Buy

Agora (NASDAQ:API) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a $6.00 price objective on the stock, up from their previous price objective of $3.10. Bank of America‘s price target suggests a potential upside of 24.74% from the company’s current price.

Agora Stock Up 3.0 %

Shares of API stock opened at $4.81 on Thursday. Agora has a fifty-two week low of $1.65 and a fifty-two week high of $6.64. The firm has a market capitalization of $443.49 million, a PE ratio of -9.82 and a beta of 0.34. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.15 and a current ratio of 6.15. The stock’s 50-day simple moving average is $4.63 and its 200-day simple moving average is $3.27.

Institutional Trading of Agora

Institutional investors and hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new position in shares of Agora during the third quarter worth $27,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Agora in the 3rd quarter valued at about $28,000. Acadian Asset Management LLC boosted 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 worth $137,000 after buying an additional 5,051 shares during the last quarter. Clearline Capital LP grew its holdings in Agora by 41.8% during the second quarter. Clearline Capital LP now owns 122,999 shares of the company’s stock worth $261,000 after acquiring an additional 36,244 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Agora by 23.5% in the second quarter. Dimensional Fund Advisors LP now owns 275,866 shares of the company’s stock valued at $585,000 after acquiring an additional 52,432 shares during the period. 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.