Agora (NASDAQ:API) Shares Down 4.7% After Earnings Miss

Agora, Inc. (NASDAQ:API – Get Rating)’s share price was down 4.7% during mid-day trading on Monday following a dissappointing earnings announcement. The company traded as low as $6.66 and last traded at $6.66. Approximately 348 shares traded hands during mid-day trading, a decline of 100% from the average daily volume of 1,239,224 shares. The stock had previously closed at $6.99.

The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Agora had a negative return on equity of 8.20% and a negative net margin of 43.07%. During the same quarter last year, the company posted ($0.14) earnings per share.

Several analysts have issued reports on API shares. Morgan Stanley upgraded Agora from an “equal weight” rating to an “overweight” rating and set a $12.50 price objective on the stock in a report on Monday, May 2nd. JPMorgan Chase & Co. downgraded Agora from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $31.00 to $11.00 in a report on Friday, February 18th. Nomura upgraded Agora from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $11.00 to $10.00 in a report on Monday, May 16th. Zacks Investment Research cut Agora from a “hold” rating to a “sell” rating in a research note on Thursday, May 5th. Finally, Sanford C. Bernstein began coverage on Agora in a research note on Thursday, May 5th. They set an “outperform” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $15.93.

A number of institutional investors have recently made changes to their positions in API. US Bancorp DE acquired a new position in shares of Agora during the third quarter worth approximately $35,000. GSA Capital Partners LLP acquired a new position in shares of Agora during the first quarter worth approximately $106,000. Royal Bank of Canada raised its stake in shares of Agora by 397.1% in the second quarter. Royal Bank of Canada now owns 2,595 shares of the company’s stock valued at $110,000 after purchasing an additional 2,073 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Agora in the first quarter valued at $179,000. Finally, ARK Investment Management LLC acquired a new position in shares of Agora in the fourth quarter valued at $190,000.

The business has a 50 day moving average of $8.26 and a 200 day moving average of $12.57. The firm has a market capitalization of $569.59 million, a price-to-earnings ratio of -8.15 and a beta of 0.50.

Agora Company Profile (NASDAQ:API)

Agora, Inc provides Real-Time Engagement Platform-as-a-Service (RTE-PaaS) in the People's Republic of China, the United States, and internationally. Its RTE-PaaS offers developers with software tools to embed real-time video, voice, and messaging functionalities into applications. The company's enterprise-grade products include Real-Time Video, Real-Time Voice, Live Interactive Video and Audio Streaming, Real-Time Messaging, Real-Time Recording, Real-Time Streaming Acceleration, Agora Analytics, and various use case products that serves as building blocks for developers to embed the respective functions in applications.

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