AGM Group (NASDAQ:AGMH) Stock Price Down 12.8% – Here’s What Happened

AGM Group Holdings Inc. (NASDAQ:AGMH)’s stock price fell 12.8% during mid-day trading on Thursday . The company traded as low as $1.37 and last traded at $1.43. 566,002 shares changed hands during trading, an increase of 68% from the average session volume of 337,172 shares. The stock had previously closed at $1.64.

Wall Street Analysts Forecast Growth

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

AGM Group Trading Down 12.8%

The firm has a 50-day moving average of $2.24 and a 200 day moving average of $3.21.

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

Hedge Funds Weigh In On AGM Group

An institutional investor recently bought a new position in AGM Group stock. Bank of America Corp DE acquired a new position in AGM Group Holdings Inc. (NASDAQ:AGMH) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 15,982 shares of the company’s stock, valued at approximately $37,000. Bank of America Corp DE owned about 3.02% of AGM Group at the end of the most recent quarter.

About AGM Group

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.