Agora (NASDAQ:API) Sees Strong Trading Volume – What’s Next?

Agora, Inc. (NASDAQ:API) shares saw unusually-strong trading volume on Wednesday . Approximately 1,626,777 shares changed hands during mid-day trading, an increase of 103% from the previous session’s volume of 801,098 shares.The stock last traded at $5.60 and had previously closed at $4.74.

Analysts Set New Price Targets

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

Agora Price Performance

The company has a 50 day moving average of $3.44 and a 200 day moving average of $2.72. 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 stock has a market capitalization of $585.48 million, a price-to-earnings ratio of -13.80 and a beta of -0.03.

Institutional Investors Weigh In On Agora

A number of institutional investors have recently added to or reduced their stakes in API. Acadian Asset Management LLC grew its position in Agora by 8.4% during the second quarter. Acadian Asset Management LLC now owns 65,078 shares of the company’s stock valued at $137,000 after acquiring an additional 5,051 shares during the period. Dimensional Fund Advisors LP grew its position in Agora by 23.5% during 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. Bank of Montreal Can purchased a new stake in Agora during the second quarter valued at about $777,000. Clearline Capital LP boosted its position in shares of Agora by 41.8% in the second quarter. Clearline Capital LP now owns 122,999 shares of the company’s stock worth $261,000 after buying an additional 36,244 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Agora in the third quarter worth about $28,000. Hedge funds and other 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.