Agora (NASDAQ:API) Trading 9.2% Higher – Here’s Why

Agora, Inc. (NASDAQ:API) shares shot up 9.2% during mid-day trading on Tuesday . The company traded as high as $5.68 and last traded at $5.60. 167,224 shares were traded during trading, a decline of 85% from the average session volume of 1,095,855 shares. The stock had previously closed at $5.13.

Analyst Upgrades and Downgrades

Separately, Bank of America upgraded shares of Agora from a “neutral” rating to a “buy” rating and raised their price target for the stock from $3.10 to $6.00 in a report on Thursday, January 16th.

Agora Trading Down 0.2 %

The firm has a 50-day moving average of $5.28 and a 200 day moving average of $4.15. The company has a market cap of $512.64 million, a P/E ratio of -11.35, a price-to-earnings-growth ratio of 4.36 and a beta of 0.37. The company has a current ratio of 6.15, a quick ratio of 6.15 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On Agora

A number of large investors have recently modified their holdings of the company. TMT General Partner Ltd bought a new position in shares of Agora in the fourth quarter valued at $13,004,000. CloudAlpha Capital Management Limited Hong Kong acquired a new position in Agora during the 4th quarter valued at about $12,459,000. Yong Rong HK Asset Management Ltd bought a new stake in shares of Agora in the 4th quarter worth $10,192,000. Hhlr Advisors LTD. bought a new stake in Agora during the fourth quarter worth $8,730,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Agora during the 4th quarter worth $3,082,000. 40.40% of the stock is currently 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.