Agora, Inc. (NASDAQ:API) Short Interest Down 12.2% in October

Agora, Inc. (NASDAQ:API) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 1,300,000 shares, a drop of 12.2% from the October 15th total of 1,480,000 shares. Based on an average trading volume of 2,170,000 shares, the days-to-cover ratio is presently 0.6 days. Currently, 1.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Bank of America lowered shares of Agora from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $4.00 to $2.63 in a research note on Tuesday, August 20th.

Agora Stock Performance

Agora stock opened at $4.39 on Monday. Agora has a twelve month low of $1.65 and a twelve month high of $6.43. The company has a quick ratio of 8.29, a current ratio of 8.29 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $404.76 million, a P/E ratio of -9.54 and a beta of -0.03. The stock’s 50 day moving average is $3.01 and its 200 day moving average is $2.61.

Agora (NASDAQ:API) last released its earnings results on Monday, August 19th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The company had revenue of $34.21 million during the quarter, compared to analysts’ expectations of $34.46 million. Agora had a negative return on equity of 7.32% and a negative net margin of 31.69%. During the same period in the prior year, the company posted ($0.45) earnings per share. On average, equities research analysts predict that Agora will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Agora

Several institutional investors have recently bought and sold shares of API. Acadian Asset Management LLC bought a new position in shares of Agora in the first quarter worth approximately $149,000. Dimensional Fund Advisors LP raised its holdings in Agora by 23.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 275,866 shares of the company’s stock worth $585,000 after acquiring an additional 52,432 shares during the last quarter. Bank of Montreal Can bought a new position in Agora in the 2nd quarter valued at approximately $777,000. Clearline Capital LP boosted its stake in Agora by 41.8% during the 2nd quarter. Clearline Capital LP now owns 122,999 shares of the company’s stock valued at $261,000 after purchasing an additional 36,244 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Agora in the 3rd quarter worth $28,000. 40.40% of the stock is owned by hedge funds and other institutional investors.

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.