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

Agora, Inc. (NASDAQ:API)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $5.99, but opened at $5.73. Agora shares last traded at $5.73, with a volume of 21,279 shares traded.

Analysts Set New Price Targets

Separately, Bank of America downgraded Agora from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $4.00 to $2.63 in a research report on Tuesday, August 20th.

Agora Stock Down 12.4 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 6.15 and a quick ratio of 6.15. The company has a market capitalization of $484.06 million, a PE ratio of -11.02 and a beta of 0.29. The business has a 50-day moving average of $4.01 and a 200 day moving average of $2.88.

Institutional Investors Weigh In On Agora

Several large investors have recently added to or reduced their stakes in API. Acadian Asset Management LLC increased its stake in Agora by 8.4% during the second quarter. Acadian Asset Management LLC now owns 65,078 shares of the company’s stock worth $137,000 after acquiring an additional 5,051 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Agora by 23.5% during the second 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 stake in Agora during the second quarter worth approximately $777,000. Clearline Capital LP grew its stake in shares of Agora by 41.8% during the second quarter. Clearline Capital LP now owns 122,999 shares of the company’s stock valued at $261,000 after buying an additional 36,244 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Agora during the third quarter valued at approximately $28,000. 40.40% of the stock is owned by 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.