Citigroup Inc. Downgrades AgroFresh Solutions Inc. (AGFS) to Neutral
AgroFresh Solutions Inc. (NASDAQ:AGFS) was downgraded by investment analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday. They currently have a $2.75 price target on the stock, down from their previous price target of $7.00. Citigroup Inc.’s price target would suggest a potential upside of 11.34% from the stock’s previous close.
Separately, Zacks Investment Research upgraded AgroFresh Solutions from a “hold” rating to a “buy” rating and set a $5.75 price target for the company in a research note on Thursday, October 20th.
AgroFresh Solutions (NASDAQ:AGFS) opened at 2.47 on Thursday. The stock’s market cap is $123.31 million. AgroFresh Solutions has a one year low of $1.96 and a one year high of $7.26. The company’s 50-day moving average price is $4.80 and its 200-day moving average price is $5.40.
AgroFresh Solutions (NASDAQ:AGFS) last issued its quarterly earnings results on Wednesday, November 9th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.03. AgroFresh Solutions had a negative return on equity of 1.25% and a negative net margin of 27.23%. The business earned $61.20 million during the quarter, compared to analyst estimates of $71.47 million. Analysts forecast that AgroFresh Solutions will post ($0.85) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Investment Management LLC bought a new position in AgroFresh Solutions during the second quarter valued at approximately $469,000. BlackRock Advisors LLC increased its position in AgroFresh Solutions by 6.5% in the second quarter. BlackRock Advisors LLC now owns 98,307 shares of the company’s stock valued at $522,000 after buying an additional 5,968 shares during the period. Vanguard Group Inc. increased its position in AgroFresh Solutions by 11.8% in the second quarter. Vanguard Group Inc. now owns 888,372 shares of the company’s stock valued at $4,718,000 after buying an additional 93,980 shares during the period. Dimensional Fund Advisors LP increased its position in AgroFresh Solutions by 141.3% in the second quarter. Dimensional Fund Advisors LP now owns 91,093 shares of the company’s stock valued at $484,000 after buying an additional 53,336 shares during the period. Finally, Nationwide Fund Advisors increased its position in AgroFresh Solutions by 34.6% in the second quarter. Nationwide Fund Advisors now owns 52,212 shares of the company’s stock valued at $277,000 after buying an additional 13,434 shares during the period. 72.73% of the stock is owned by institutional investors and hedge funds.
AgroFresh Solutions Company Profile
AgroFresh Solutions, Inc, formerly Boulevard Acquisition Corp., is a developer of agricultural technologies that preserve the freshness and value of fresh produce, including apples, pears, kiwifruit, avocados and bananas, as well as flowers. The Company’s principal product, The SmartFresh Quality System (SmartFresh), regulates the post-harvest ripening effects of ethylene, the naturally occurring plant hormone that triggers ripening in certain fruits and vegetables, through technology.
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