AGI (NYSE:AGBK) Stock Price Down 5.5% – Here’s What Happened

AGI Inc (NYSE:AGBK)’s stock price dropped 5.5% on Wednesday . The company traded as low as $7.57 and last traded at $7.7740. Approximately 343,961 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 613,904 shares. The stock had previously closed at $8.23.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AGBK shares. HSBC initiated coverage on shares of AGI in a research report on Thursday, March 5th. They set a “buy” rating and a $15.00 price target on the stock. Citigroup began coverage on shares of AGI in a research note on Monday, March 9th. They issued a “buy” rating and a $18.00 price objective for the company. The Goldman Sachs Group began coverage on shares of AGI in a research report on Monday, March 9th. They issued a “buy” rating and a $19.00 target price on the stock. Morgan Stanley began coverage on shares of AGI in a research note on Monday, March 9th. They issued an “overweight” rating and a $21.00 price target for the company. Finally, Oppenheimer began coverage on AGI in a research note on Monday, March 9th. They set an “outperform” rating and a $15.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.14.

AGI Stock Down 5.3%

AGI (NYSE:AGBK) last issued its quarterly earnings results on Monday, March 23rd. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.22). The company had revenue of $547.80 million for the quarter, compared to the consensus estimate of $541.66 million.

About AGI

Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers. We have designed a unique value proposition for this population, who may be older, have a lower income, be less tech-savvy or have less access to education.