Zacks Investment Research Downgrades Agrify (NASDAQ:AGFY) to Sell

Zacks Investment Research cut shares of Agrify (NASDAQ:AGFY) from a hold rating to a sell rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “Agrify Corporation is a developer of advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace. Agrify Corporation is based in BURLINGTON, Mass. “

Separately, Alliance Global Partners started coverage on Agrify in a research report on Monday, November 1st. They set a buy rating and a $31.00 price objective for the company. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, Agrify currently has an average rating of Buy and an average target price of $30.00.

Shares of Agrify stock opened at $8.63 on Tuesday. The business has a 50-day moving average price of $13.75 and a 200-day moving average price of $18.15. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.34 and a current ratio of 5.78. Agrify has a twelve month low of $6.81 and a twelve month high of $35.94.

Agrify (NASDAQ:AGFY) last issued its quarterly earnings data on Wednesday, November 10th. The company reported ($0.28) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.28). The firm had revenue of $15.75 million during the quarter, compared to analyst estimates of $12.87 million. Agrify had a negative return on equity of 27.11% and a negative net margin of 82.85%. Sell-side analysts expect that Agrify will post -1.06 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Agrify by 135.2% in the second quarter. Vanguard Group Inc. now owns 668,604 shares of the company’s stock worth $7,957,000 after acquiring an additional 384,282 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in Agrify in the third quarter worth about $4,841,000. BlackRock Inc. grew its position in Agrify by 689.0% in the third quarter. BlackRock Inc. now owns 236,888 shares of the company’s stock worth $4,392,000 after acquiring an additional 206,865 shares in the last quarter. Marathon Capital Management grew its position in Agrify by 22.7% in the second quarter. Marathon Capital Management now owns 168,375 shares of the company’s stock worth $2,003,000 after acquiring an additional 31,115 shares in the last quarter. Finally, Shay Capital LLC bought a new stake in Agrify in the second quarter worth about $1,785,000. Institutional investors own 20.52% of the company’s stock.

About Agrify

Agrify Corporation develops precision hardware and software grow solutions for the indoor agriculture marketplace primarily in the United States. It offers vertical farming units, 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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