AGM Group (NASDAQ:AGMH) Shares Down 12.8% – Time to Sell?

AGM Group Holdings Inc. (NASDAQ:AGMH) shares were down 12.8% on Thursday . The stock traded as low as $1.37 and last traded at $1.43. Approximately 566,002 shares were traded during mid-day trading, an increase of 68% from the average daily volume of 337,172 shares. The stock had previously closed at $1.64.

Wall Street Analyst Weigh In

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

AGM Group Trading Down 12.8%

The business’s 50 day simple moving average is $2.24 and its 200 day simple moving average is $3.21.

AGM Group (NASDAQ:AGMH) last posted its quarterly earnings results on Friday, October 10th. The company reported $1.85 earnings per share for the quarter. The firm had revenue of $10.15 million during the quarter.

Hedge Funds Weigh In On AGM Group

A hedge fund recently bought a new stake 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 its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,982 shares of the company’s stock, valued at approximately $37,000. Bank of America Corp DE owned approximately 3.02% of AGM Group as of its most recent filing with the Securities & Exchange Commission.

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.