Short Interest in Agora, Inc. (NASDAQ:API) Rises By 36.2%

Agora, Inc. (NASDAQ:API) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,770,000 shares, a growth of 36.2% from the October 31st total of 1,300,000 shares. Based on an average daily volume of 2,350,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 2.5% of the company’s shares are sold short.

Hedge Funds Weigh In On Agora

Hedge funds have recently modified their holdings of the business. Bank of Montreal Can acquired a new stake in Agora in the 2nd quarter valued at approximately $777,000. Harber Asset Management LLC lifted 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 worth $5,160,000 after acquiring an additional 123,523 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 acquiring an additional 52,432 shares during the period. Clearline Capital LP boosted its holdings 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 acquiring an additional 36,244 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Agora in the 3rd quarter valued at approximately $28,000. 40.40% of the stock is currently owned by hedge funds and other institutional investors.

Agora Trading Down 18.7 %

API stock traded down $1.19 during midday trading on Friday, hitting $5.16. 4,118,262 shares of the company’s stock were exchanged, compared to its average volume of 845,892. Agora has a 1-year low of $1.65 and a 1-year high of $6.49. The company has a current ratio of 6.15, a quick ratio of 8.29 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $475.75 million, a PE ratio of -10.65 and a beta of -0.03. The business has a 50-day simple moving average of $3.53 and a two-hundred day simple moving average of $2.74.

Analysts Set New Price Targets

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

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.