AGI (NYSE:AGBK) Shares Down 7.3% - Here's What Happened

Key Points

• Shares fell 7.3% on Friday to $7.3450 (intraday low $7.27) on thin trading of 158,925 shares, about 77% below the average session volume.
• AGI reported quarterly EPS of $0.05 vs. $0.27 expected (missing by $0.22) while revenue topped estimates at $547.8M, and Wall Street maintains a consensus Moderate Buy with an average price target of $17.14 after several firms initiated coverage with bullish ratings.

AGI Inc (NYSE:AGBK - Get Free Report)'s stock price fell 7.3% on Friday . The stock traded as low as $7.27 and last traded at $7.3450. 158,925 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 677,089 shares. The stock had previously closed at $7.92.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AGBK. Wall Street Zen raised shares of AGI to a "hold" rating in a report on Saturday, February 21st. Zacks Research upgraded shares of AGI to a "hold" rating in a research note on Tuesday, March 10th. Oppenheimer started coverage on shares of AGI in a research note on Monday, March 9th. They issued an "outperform" rating and a $15.00 price target on the stock. Morgan Stanley started coverage on shares of AGI in a research note on Monday, March 9th. They issued an "overweight" rating and a $21.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on shares of AGI in a research note on Monday, March 9th. They issued a "buy" rating and a $19.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.14.

AGI Trading Down 8.9%

AGI (NYSE:AGBK - Get Free Report) last posted its quarterly earnings data on Monday, March 23rd. The company reported $0.05 earnings per share 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 analysts' expectations 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.