Agora, Inc. (NASDAQ:API) Sees Large Decrease in Short Interest

Agora, Inc. (NASDAQ:API - Get Free Report) was the target of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 1,590,000 shares, a drop of 26.4% from the February 13th total of 2,160,000 shares. Currently, 2.3% of the shares of the company are short sold. Based on an average daily volume of 1,220,000 shares, the short-interest ratio is currently 1.3 days.

Agora Stock Performance

NASDAQ:API traded down $0.38 during mid-day trading on Thursday, hitting $4.93. The stock had a trading volume of 822,160 shares, compared to its average volume of 1,039,220. The company's 50 day simple moving average is $5.40 and its 200 day simple moving average is $4.27. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.15 and a current ratio of 6.15. The stock has a market cap of $454.56 million, a price-to-earnings ratio of -10.06, a PEG ratio of 4.36 and a beta of 0.37. Agora has a twelve month low of $1.65 and a twelve month high of $6.99.

Institutional Investors Weigh In On Agora

Several hedge funds have recently bought and sold shares of API. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Agora during the third quarter worth approximately $28,000. Clearline Capital LP lifted its position in Agora by 4.0% during the third quarter. Clearline Capital LP now owns 127,974 shares of the company's stock worth $308,000 after acquiring an additional 4,975 shares during the last quarter. Harber Asset Management LLC lifted its position in Agora by 6.1% during the third quarter. Harber Asset Management LLC now owns 2,141,000 shares of the company's stock worth $5,160,000 after acquiring an additional 123,523 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Agora during the third quarter worth approximately $27,000. Finally, JPMorgan Chase & Co. lifted its position in Agora by 0.5% during the third quarter. JPMorgan Chase & Co. now owns 610,457 shares of the company's stock worth $1,471,000 after acquiring an additional 2,791 shares during the last quarter. 40.40% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

Separately, Bank of America upgraded shares of Agora from a "neutral" rating to a "buy" rating and raised their target price for the company from $3.10 to $6.00 in a research note on Thursday, January 16th.

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.