Hong Kong-based AGBA Group reported irregular trading activities involving more than 100% of the company's freely tradeable shares to the Securities and Exchange Commission (SEC) and Nasdaq on Tuesday. This follows a period of unusual activity since April 28, 2023.
The company's controlling shareholder, TAG Holdings Limited, which owns 55,500,000 ordinary shares or about 82.3% of the company's outstanding Ordinary Shares since its NASDAQ listing in November 2022, has not sold any of its holdings. These shares are governed by the Securities Act of 1933, requiring registration or exemption for public sale.
According to InvestingPro data, AGBA Group has a market cap of 787.83M USD with a P/E ratio of 8.54. The company's revenue for the last twelve months (LTM2023.Q2) stands at 256.47M USD, showing a growth of 9.18 %. However, the revenue growth for the second quarter of FY2023 was at -2.9 %. The company's operating income, adjusted for LTM2023.Q2, is reported at 118.6M USD, with an operating income margin of 46.24 %. The company's shares have had a return of -1.06 % in the past week, -8.24 % in the past month, and -23.3 % in the past year.
InvestingPro Tips reveal that AGBA Group has a high earnings quality, with free cash flow exceeding net income. The company also yields a high return on invested capital. The company has raised its dividend for 10 consecutive years, and it has maintained dividend payments for 31 consecutive years. The company is trading at a low P/E ratio relative to near-term earnings growth but suffers from weak gross profit margins. The company's stockholders receive high returns on book equity. The company's shares are trading near their 52-week low, but analysts predict the company will be profitable this year. The company has been profitable over the last twelve months.
AGBA Group has taken steps to protect its shareholders by monitoring these irregularities and providing regular updates on their official website. The company also issued a forward-looking Safe Harbor Statement in response to these events. For more insights and tips on AGBA Group, visit InvestingPro's website here. The site provides a range of additional tips that could guide potential investors in making informed decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.