AGM Group Holdings Inc. (NASDAQ:AGMH) Sees Significant Drop in Short Interest

AGM Group Holdings Inc. (NASDAQ:AGMH) saw a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 64,800 shares, a decrease of 58.7% from the February 26th total of 156,811 shares. Based on an average daily trading volume, of 32,021 shares, the days-to-cover ratio is presently 2.0 days. Currently, 3.1% of the company’s shares are sold short.

Institutional Inflows and Outflows

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

AGM Group Stock Performance

NASDAQ:AGMH traded down $0.02 during trading hours on Friday, hitting $0.92. The company had a trading volume of 566 shares, compared to its average volume of 152,046. AGM Group has a 52 week low of $0.93 and a 52 week high of $18.10. The stock has a 50-day moving average price of $1.45 and a 200 day moving average price of $3.00.

Wall Street Analysts Forecast Growth

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

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.