AGI (NYSE:AGBK) Shares Gap Up – Here’s What Happened

AGI Inc (NYSE:AGBK)’s share price gapped up before the market opened on Thursday. The stock had previously closed at $5.39, but opened at $5.85. AGI shares last traded at $5.9160, with a volume of 46,843 shares.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AGBK. Oppenheimer decreased their price objective on shares of AGI from $9.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday. Weiss Ratings restated a “sell (d)” rating on shares of AGI in a research report on Friday, August 7th. Zacks Research cut AGI from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Finally, The Goldman Sachs Group set a $13.00 price target on AGI in a research note on Thursday, August 6th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.00.

AGI Stock Up 17.8%

The business’s 50 day moving average is $6.17 and its 200-day moving average is $7.26. The stock has a market cap of $1.02 billion and a price-to-earnings ratio of 10.70. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 1.51.

AGI declared that its Board of Directors has authorized a share buyback plan on Tuesday, October 27th that authorizes the company to buy back 3,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Share repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at AGI

In other AGI news, CTO Vinicius Birkeland Aloe sold 256,386 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $11.99, for a total transaction of $3,074,068.14. Following the completion of the sale, the chief technology officer directly owned 176,423 shares in the company, valued at approximately $2,115,311.77. The trade was a 59.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in AGI stock. State Street Corp bought a new position in shares of AGI Inc (NYSE:AGBK) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,400 shares of the company’s stock, valued at approximately $129,000.

About AGI

Agibank S.A. is a Brazilian financial services company that combines digital banking with a network of physical service locations. Its offerings include digital accounts, payment services, cards, personal credit and insurance, with a focus on serving individuals across Brazil. The company is particularly known for payroll-deductible loans, including credit products for retirees and public-sector employees. Agibank traces its origins to Agiplan, established in 1999, and adopted the Agibank name as it expanded its digital banking operations.