AGI (NYSE:AGBK) Shares Gap Down After Earnings Miss

AGI Inc (NYSE:AGBK)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. 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 traded.

The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.22). The company had revenue of $547.80 million during the quarter, compared to analysts’ expectations of $541.66 million.

Analysts Set New Price Targets

AGBK has been the subject of several recent analyst reports. Morgan Stanley began coverage on shares of AGI in a research note on Monday, March 9th. They issued an “overweight” rating and a $21.00 price objective for the company. Itau BBA Securities began coverage on shares of AGI in a report on Monday, March 9th. They set an “outperform” rating and a $15.00 price objective on the stock. Zacks Research upgraded shares of AGI to a “hold” rating in a research report on Tuesday, March 10th. HSBC assumed coverage on shares of AGI in a research report on Thursday, March 5th. They set a “buy” rating and a $15.00 price target for the company. Finally, Citigroup initiated coverage on AGI in a research note on Monday, March 9th. They issued a “buy” rating and a $18.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, AGI currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.14.

AGI Stock Down 3.6%

AGI Company Profile

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.