Short Interest in Agora, Inc. (NASDAQ:API) Drops By 26.4%

Agora, Inc. (NASDAQ:API) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 1,590,000 shares, a decline 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 trading volume of 1,220,000 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analyst Weigh In

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

Agora Stock Down 1.8 %

API opened at $5.60 on Tuesday. The company has a quick ratio of 6.15, a current ratio of 6.15 and a debt-to-equity ratio of 0.06. The stock has a market cap of $516.33 million, a price-to-earnings ratio of -11.43, 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. The company’s 50-day moving average price is $5.35 and its two-hundred day moving average price is $4.24.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in shares of Agora by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 610,457 shares of the company’s stock valued at $1,471,000 after purchasing an additional 2,791 shares during the period. TMT General Partner Ltd bought a new stake in shares of Agora in the fourth quarter valued at approximately $13,004,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Agora in the third quarter valued at approximately $28,000. Rhumbline Advisers raised its position in shares of Agora by 1,988.6% in the fourth quarter. Rhumbline Advisers now owns 7,310 shares of the company’s stock valued at $30,000 after purchasing an additional 6,960 shares during the period. Finally, Clearline Capital LP raised its position in shares of Agora by 4.0% in the third quarter. Clearline Capital LP now owns 127,974 shares of the company’s stock valued at $308,000 after purchasing an additional 4,975 shares during the period. 40.40% of the stock is currently owned by hedge funds and other institutional investors.

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.