AGI (NYSE:AGBK) Reaches New 52-Week Low – Here’s What Happened

AGI Inc (NYSE:AGBK) hit a new 52-week low on Monday. The company traded as low as $4.91 and last traded at $4.8330, with a volume of 315,666 shares trading hands. The stock had previously closed at $7.58.

Wall Street Analysts Forecast Growth

AGBK has been the topic of several research reports. The Goldman Sachs Group set a $13.00 target price on AGI in a research note on Thursday, August 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of AGI in a research note on Friday, August 7th. Oppenheimer reduced their price target on shares of AGI from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Finally, Zacks Research lowered shares of AGI from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, AGI currently has an average rating of “Hold” and an average target price of $14.14.

AGI Price Performance

The company has a market cap of $781.26 million and a PE ratio of 8.28. The stock has a 50 day simple moving average of $6.41 and a two-hundred day simple moving average of $7.40.

AGI announced that its board has approved a stock repurchase plan on Tuesday, October 27th that allows the company to repurchase 3,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other AGI news, CTO Vinicius Birkeland Aloe sold 256,386 shares of AGI stock in a transaction on Monday, August 31st. The shares were sold at an average price of $11.99, for a total value of $3,074,068.14. Following the transaction, the chief technology officer directly owned 176,423 shares in the company, valued at approximately $2,115,311.77. The trade was a 59.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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.