Agora (NASDAQ:API) Sees Strong Trading Volume – Time to Buy?

Agora, Inc. (NASDAQ:API) shares saw unusually-high trading volume on Wednesday . Approximately 1,626,777 shares traded 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 downgraded shares of Agora from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $4.00 to $2.63 in a research note on Tuesday, August 20th.

Agora Stock Performance

The stock has a 50 day simple moving average of $3.35 and a two-hundred day simple moving average of $2.69. The company has a market capitalization of $573.48 million, a price-to-earnings ratio of -12.10 and a beta of -0.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 8.29 and a quick ratio of 8.29.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in API. Quadrature Capital Ltd purchased a new position in shares of Agora during the 3rd quarter worth approximately $27,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Agora in the third quarter valued at $28,000. Acadian Asset Management LLC acquired a new stake in Agora in the 1st quarter worth about $149,000. 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. Finally, Dimensional Fund Advisors LP increased 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 worth $585,000 after purchasing an additional 52,432 shares during the last quarter. 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.