Agora Inc.'s stock plunged 6.61% in the pre-market trading session on Friday, following news of an officer's proposed share sale and an analyst's price target revision.
According to a Form 144 filing, Agora's Officer Zhong Sheng proposed to sell 400,000 shares of the company's common stock on November 29, 2024. The proposed sale has a total market value of approximately $2.54 million, potentially adding selling pressure to the stock.
Additionally, Nomura's analyst raised the price target on Agora to $5 from $3 while maintaining a Neutral rating. Although the price target revision reflects a more optimistic outlook, the relatively modest increase and Neutral rating may not have provided significant positive sentiment to offset the officer's share sale proposal.
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