AGM Group (NASDAQ:AGMH) Trading Down 12.8% – Here’s What Happened

Shares of AGM Group Holdings Inc. (NASDAQ:AGMH) dropped 12.8% during mid-day trading on Thursday . The company 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 Analysts Forecast Growth

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

AGM Group Stock Down 12.8%

The firm has a fifty day moving average of $2.24 and a 200 day moving average of $3.21.

AGM Group (NASDAQ:AGMH) last announced its quarterly earnings results on Friday, October 10th. The company reported $1.85 earnings per share (EPS) for the quarter. The business had revenue of $10.15 million for 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 purchased a new stake in AGM Group Holdings Inc. (NASDAQ:AGMH) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,982 shares of the company’s stock, valued at approximately $37,000. Bank of America Corp DE owned about 3.02% of AGM Group as of its most recent SEC filing.

About AGM Group

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.