Short Interest in Agora, Inc. (NASDAQ:API) Declines By 7.0%

Agora, Inc. (NASDAQ:API) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 1,320,000 shares, a drop of 7.0% from the August 31st total of 1,420,000 shares. Currently, 1.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 138,200 shares, the days-to-cover ratio is currently 9.6 days.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in API. Nomura Holdings Inc. acquired a new stake in shares of Agora during the fourth quarter worth $37,000. Acadian Asset Management LLC grew its holdings in Agora by 8.4% in the 2nd quarter. Acadian Asset Management LLC now owns 65,078 shares of the company’s stock valued at $137,000 after buying an additional 5,051 shares during the period. Clearline Capital LP increased its stake in shares of 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 last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Agora by 23.5% during 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 period. Finally, Bank of Montreal Can acquired a new stake in shares of Agora in the second quarter worth approximately $777,000. 40.40% of the stock is currently owned by hedge funds and other institutional investors.

Agora Stock Performance

Shares of API opened at $2.41 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 8.29 and a quick ratio of 8.29. Agora has a 1-year low of $1.65 and a 1-year high of $3.35. The stock has a market cap of $222.21 million, a price-to-earnings ratio of -2.98 and a beta of -0.01. The firm has a 50 day simple moving average of $2.16 and a 200-day simple moving average of $2.38.

Agora (NASDAQ:API) last released its quarterly earnings results on Monday, August 19th. The company reported ($0.10) earnings per share 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 analyst estimates 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 last year, the firm earned ($0.45) earnings per share. Equities analysts forecast that Agora will post -0.21 EPS for the current fiscal year.

Agora Company Profile

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.