AGM Group (NASDAQ:AGMH) Trading Down 12.8% – Here’s Why

Shares of AGM Group Holdings Inc. (NASDAQ:AGMH) dropped 12.8% during mid-day trading on Thursday . The stock traded as low as $1.37 and last traded at $1.43. Approximately 566,002 shares were traded during trading, an increase of 68% from the average daily volume of 337,172 shares. The stock had previously closed at $1.64.

Analyst Ratings Changes

Separately, Weiss Ratings lowered AGM Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell” and an average target price of $5.77.

AGM Group Trading Down 12.8%

The stock’s 50-day moving average is $2.24 and its two-hundred day moving average is $3.21.

AGM Group (NASDAQ:AGMH) last announced its earnings results on Friday, October 10th. The company reported $1.85 earnings per share (EPS) for the quarter. The firm had revenue of $10.15 million during the quarter.

Institutional Trading of AGM Group

A hedge fund recently bought a new stake in AGM Group stock. Bank of America Corp DE bought a new position in shares of AGM Group Holdings Inc. (NASDAQ:AGMH) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 15,982 shares of the company’s stock, valued at approximately $37,000. Bank of America Corp DE owned approximately 3.02% of AGM Group at the end of the most recent reporting period.

AGM Group Company Profile

AGM Group Holdings, Inc (NASDAQ:AGMH) is a blank check company incorporated in Delaware in April 2021. It was formed as a special purpose acquisition company (SPAC) with no commercial operations at inception and no revenues other than interest earned on its trust account balances. The company’s primary objective is to identify and complete a business combination with one or more operating businesses.

In connection with its initial public offering, AGM Group issued units comprising one share of common stock and a fraction of one redeemable warrant, with gross proceeds deposited into a trust account.