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

AGI Inc (NYSE:AGBK)’s share price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. 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 company had revenue of $547.80 million for the quarter, compared to analyst estimates of $541.66 million.

Analyst Ratings Changes

A number of research analysts have weighed in on AGBK shares. HSBC initiated coverage on AGI in a research note on Thursday, March 5th. They set a “buy” rating and a $15.00 price target on the stock. Citigroup began coverage on AGI in a research note on Monday, March 9th. They issued a “buy” rating and a $18.00 target price for the company. Zacks Research upgraded AGI to a “hold” rating in a research report on Tuesday, March 10th. Susquehanna assumed coverage on AGI in a report on Monday, March 9th. They issued a “positive” rating and a $17.00 price target for the company. Finally, The Goldman Sachs Group began coverage on shares of AGI in a research note on Monday, March 9th. They set a “buy” rating and a $19.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, AGI has a consensus rating of “Moderate Buy” and a consensus price target of $17.14.

AGI Price Performance

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.