AGI (NYSE:AGBK) Shares Gap Down Following Weak Earnings

AGI Inc (NYSE:AGBK) shares gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $9.18, but opened at $8.50. AGI shares last traded at $8.8550, with a volume of 270,968 shares changing hands.

The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.22). The business had revenue of $547.80 million for the quarter, compared to the consensus estimate of $541.66 million.

Analyst Ratings Changes

Several research analysts have commented on AGBK shares. Itau BBA Securities began coverage on AGI in a research report on Monday, March 9th. They set an “outperform” rating and a $15.00 price target on the stock. HSBC assumed coverage on shares of AGI in a research report on Thursday, March 5th. They set a “buy” rating and a $15.00 target price on the stock. Susquehanna started coverage on shares of AGI in a report on Monday, March 9th. They issued a “positive” rating and a $17.00 target price on the stock. Morgan Stanley started coverage on shares of AGI in a research note on Monday, March 9th. They set an “overweight” rating and a $21.00 price target for the company. Finally, Wall Street Zen raised shares of AGI to a “hold” rating in a research report on Saturday, February 21st. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.14.

AGI Trading Down 3.6%

About AGI

Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers. We have designed a unique value proposition for this population, who may be older, have a lower income, be less tech-savvy or have less access to education.