Ag Growth International (TSE:AFN) Shares Down 20.6% - Here's What Happened

Key Points

• Ag Growth International shares plunged 20.6% to C$14.92, with trading volume more than four times the daily average.
• The company reported a quarterly loss of C$2.06 per share on C$323.18 million in revenue, alongside negative return on equity and net margin.
• Despite the selloff, analysts maintain an average “Hold” rating and a C$27.78 price target; insiders also recently purchased shares, including a C$204,000 buy by a director.

Ag Growth International Inc. (TSE:AFN - Get Free Report) shares fell 20.6% on Thursday . The company traded as low as C$14.55 and last traded at C$14.92. Approximately 660,356 shares were traded during trading, an increase of 435% from the average daily volume of 123,498 shares. The stock had previously closed at C$18.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AFN shares. TD increased their price target on Ag Growth International from C$22.00 to C$30.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Royal Bank Of Canada upgraded Ag Growth International from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from C$25.00 to C$30.00 in a research report on Monday, May 11th. Canadian Imperial Bank of Commerce upped their price objective on Ag Growth International from C$19.00 to C$23.00 in a research note on Friday, May 1st. ATB Cormark Capital Markets increased their target price on Ag Growth International from C$22.00 to C$25.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 7th. Finally, National Bank Financial decreased their target price on Ag Growth International from C$24.00 to C$20.00 and set a "sector perform" rating on the stock in a research note on Monday, July 13th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of C$27.78.

Ag Growth International Stock Down 21.6%

The company has a quick ratio of 0.84, a current ratio of 1.35 and a debt-to-equity ratio of 497.80. The company has a market capitalization of C$278.01 million, a PE ratio of -5.15, a PEG ratio of 1.30 and a beta of 0.99. The company's 50 day moving average is C$20.68 and its two-hundred day moving average is C$23.30.

Ag Growth International (TSE:AFN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C($2.06) EPS for the quarter. Ag Growth International had a negative return on equity of 20.06% and a negative net margin of 3.80%.The company had revenue of C$323.18 million during the quarter. On average, analysts anticipate that Ag Growth International Inc. will post 6.5761006 earnings per share for the current year.

Insider Activity at Ag Growth International

In other news, Director Rohit Bhardwaj purchased 8,500 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of C$24.00 per share, with a total value of C$204,000.00. Following the completion of the purchase, the director owned 28,500 shares in the company, valued at approximately C$684,000. This represents a 42.50% increase in their ownership of the stock. Corporate insiders own 1.06% of the company's stock.

About Ag Growth International

Ag Growth International Inc manufactures portable and stationary grain handling, storage, and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment, and grain drying systems. The company operates mainly in Portable handling, permanent handling, storage and conditioning, livestock, and manufacturing sectors. Some of its brands are batco, wheatheart, westfield, storm, rem, hi roller, union iron, hsi, tramco, ptm, vis, nuvision, twister, grain guard, airlanco, westeel, frame, and entringer.

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