Short Interest in Agora, Inc. (NASDAQ:API) Drops By 25.4%

Agora, Inc. (NASDAQ:API) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 1,850,000 shares, a decrease of 25.4% from the December 15th total of 2,480,000 shares. Approximately 2.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,590,000 shares, the days-to-cover ratio is presently 1.2 days.

Agora Trading Up 1.9 %

Shares of NASDAQ API traded up $0.09 during trading hours on Friday, hitting $4.76. 776,392 shares of the company traded hands, compared to its average volume of 716,826. Agora has a 12 month low of $1.65 and a 12 month high of $6.64. The stock has a market capitalization of $438.88 million, a price-to-earnings ratio of -9.71 and a beta of 0.34. The company has a current ratio of 6.15, a quick ratio of 6.15 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average price is $4.64 and its 200 day moving average price is $3.26.

Hedge Funds Weigh In On Agora

A number of large investors have recently made changes to their positions in API. Acadian Asset Management LLC grew its position in Agora by 8.4% in the 2nd quarter. Acadian Asset Management LLC now owns 65,078 shares of the company’s stock valued at $137,000 after acquiring an additional 5,051 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Agora by 23.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 275,866 shares of the company’s stock valued at $585,000 after purchasing an additional 52,432 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Agora in the 2nd quarter worth approximately $777,000. Clearline Capital LP increased its holdings in Agora by 41.8% during the second quarter. Clearline Capital LP now owns 122,999 shares of the company’s stock valued at $261,000 after buying an additional 36,244 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Agora in the third quarter worth approximately $28,000. 40.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Bank of America upgraded Agora from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $3.10 to $6.00 in a research report on Thursday.

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.