Agrify (NASDAQ:AGFY) Posts Earnings Results, Misses Expectations By $0.03 EPS

Agrify (NASDAQ:AGFYGet Rating) released its quarterly earnings results on Wednesday. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.03), MarketWatch Earnings reports. Agrify had a negative return on equity of 15.38% and a negative net margin of 54.24%. During the same quarter in the prior year, the company earned ($0.33) earnings per share. Agrify updated its FY 2022 guidance to EPS.

Agrify stock traded down $0.39 during midday trading on Thursday, reaching $2.34. The company’s stock had a trading volume of 902,528 shares, compared to its average volume of 759,884. The stock has a market cap of $62.12 million, a PE ratio of -1.46 and a beta of 2.49. The business has a 50-day moving average price of $4.14 and a 200-day moving average price of $8.94. Agrify has a 52 week low of $2.25 and a 52 week high of $35.94.

AGFY has been the topic of a number of research analyst reports. Zacks Investment Research downgraded Agrify from a “hold” rating to a “sell” rating in a research report on Monday, March 28th. Alliance Global Partners reduced their target price on Agrify from $15.00 to $11.00 in a report on Thursday. Finally, Craig Hallum downgraded shares of Agrify from a “buy” rating to a “hold” rating in a research note on Wednesday, March 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Agrify currently has an average rating of “Hold” and an average price target of $22.10.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley acquired a new position in shares of Agrify in the first quarter valued at approximately $40,000. Virtu Financial LLC bought a new stake in Agrify during the 4th quarter worth approximately $130,000. Citadel Advisors LLC purchased a new stake in shares of Agrify during the 2nd quarter valued at $214,000. Kingsview Wealth Management LLC purchased a new stake in Agrify in the 4th quarter worth approximately $171,000. Finally, Private Advisor Group LLC bought a new stake in Agrify in the first quarter valued at approximately $101,000. 31.66% of the stock is currently owned by institutional investors.

Agrify Company Profile (Get Rating)

Agrify Corporation develops precision hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States. The company offers vertical farming units and Agrify Insights Software-as-a-Service software; integrated grow racks and LED grow lights; and non-proprietary products designed, engineered, and manufactured by third parties, such as air cleaning systems and pesticide-free surface protection products.

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