Agrify (NASDAQ:AGFY) Releases Earnings Results, Misses Expectations By $0.03 EPS

Agrify (NASDAQ:AGFYGet Rating) announced its quarterly earnings results on Wednesday. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.03), MarketWatch Earnings reports. Agrify had a negative return on equity of 15.38% and a negative net margin of 54.24%. During the same quarter last year, the business earned ($0.33) EPS. Agrify updated its FY 2022 guidance to EPS.

NASDAQ AGFY traded up $0.23 during trading on Friday, reaching $2.57. The company’s stock had a trading volume of 2,866 shares, compared to its average volume of 344,810. Agrify has a twelve month low of $2.25 and a twelve month high of $35.94. The business’s fifty day moving average price is $4.14 and its 200-day moving average price is $8.94.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Agrify by 1.5% in the first quarter. BlackRock Inc. now owns 307,063 shares of the company’s stock valued at $1,421,000 after purchasing an additional 4,533 shares during the period. Private Advisor Group LLC acquired a new position in Agrify in the first quarter valued at $101,000. Virtu Financial LLC acquired a new position in Agrify in the fourth quarter valued at $130,000. Kingsview Wealth Management LLC purchased a new stake in shares of Agrify in the fourth quarter valued at about $171,000. Finally, Millennium Management LLC purchased a new stake in shares of Agrify in the fourth quarter valued at about $1,890,000. Institutional investors own 31.66% of the company’s stock.

Several equities research analysts recently commented on the stock. Alliance Global Partners cut their price target on shares of Agrify from $15.00 to $11.00 in a research note on Thursday. Zacks Investment Research lowered shares of Agrify from a “hold” rating to a “sell” rating in a research note on Monday, March 28th. Finally, Craig Hallum lowered shares of Agrify from a “buy” rating to a “hold” rating in a research note on Wednesday, March 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.10.

About Agrify (Get Rating)

Agrify Corporation develops precision hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States. The company offers vertical farming units and Agrify Insights Software-as-a-Service software; integrated grow racks and LED grow lights; and non-proprietary products designed, engineered, and manufactured by third parties, such as air cleaning systems and pesticide-free surface protection products.

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