Agora (NASDAQ:API) Reaches New 52-Week High - Here's What Happened

Agora, Inc. (NASDAQ:API - Get Free Report)'s share price hit a new 52-week high on Thursday . The stock traded as high as $6.99 and last traded at $6.51, with a volume of 3572715 shares trading hands. The stock had previously closed at $5.91.

Wall Street Analysts Forecast Growth

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

Agora Stock Down 10.6 %

The business has a 50-day moving average price of $5.12 and a 200-day moving average price of $3.99. The stock has a market cap of $466.54 million, a PE ratio of -10.33, a price-to-earnings-growth ratio of 4.36 and a beta of 0.38. 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in API. TMT General Partner Ltd purchased a new stake in shares of Agora during the fourth quarter worth about $13,004,000. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Agora in the 4th quarter worth about $12,459,000. Yong Rong HK Asset Management Ltd purchased a new stake in Agora during the 4th quarter worth approximately $10,192,000. Hhlr Advisors LTD. acquired a new position in shares of Agora during the fourth quarter valued at approximately $8,730,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Agora in the fourth quarter valued at approximately $3,082,000. 40.40% of the stock is owned by hedge funds and other institutional investors.

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.