AGI (NYSE:AGBK) Stock Price Down 6.4% – Here’s Why

AGI Inc (NYSE:AGBK) shares fell 6.4% during trading on Tuesday. The stock traded as low as $4.79 and last traded at $4.8690. Approximately 424,256 shares traded hands during trading, a decline of 6% from the average daily volume of 452,339 shares. The stock had previously closed at $5.20.

Analysts Set New Price Targets

AGBK has been the topic of several recent research reports. Zacks Research downgraded shares of AGI from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Weiss Ratings reissued a “sell (d)” rating on shares of AGI in a research note on Friday, August 7th. The Goldman Sachs Group set a $13.00 target price on shares of AGI in a report on Thursday, August 6th. Finally, Oppenheimer lowered their price target on AGI from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.14.

AGI Price Performance

The stock has a market cap of $769.26 million and a price-to-earnings ratio of 8.15. The stock has a fifty day moving average of $6.26 and a 200 day moving average of $7.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.51.

AGI announced that its board has approved a stock repurchase plan on Tuesday, October 27th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Share repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

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

AGI Company Profile

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.