Agrify Corporation (AGFY) Stock Is Popping High In Pre-Market: What’s Going On?
By Muhammad Ali
August 4, 2021
Shares of the Agrify Corporation (AGFY) stock are popping high in the pre-market trading session on August 4, 2021. AGFY stock price saw a push of 9.56% to reach $21.31 a share at the time of this writing. It seems that stock is continuing the rising momentum as it went up by 5.53% at the previous closing. Let’s understand the reason behind this bull.
What’s Happening?
Agrify Corporation is the hardware and software solution provider for indoor agriculture in the United States. There is no AGFY stock-specific news to justify the bullish sentiment in today’s date. According to a recent announcement, AGFY stock will release its second-quarter 2021 financial results on August 12, 2021, at 5:00 p.m ET.
Recently Craig-Hallum analyst rated AGFY stock as “Buy” and set a price target of $25 per share. The analyst thinks that this stock will expand by offering its products in the future. Furthermore, he is hopeful that Agrify’s revenue from SaaS will be more than double by 2025.
Agrify University: AGFY stock’s Learning Program
AGFY stock on July 19, 2021, did announce the launch of Agrify University that expands on 3,500 sq. ft. This is the innovative and project-based learning program of Agrify stock equipped with Agrify’s latest farming technology and cultivation methods. The hands-on project-based learning will help cannabis cultivators to cultivate cannabis more efficiently.
David Kessler, Agrify’s Chief Science Officer is leading this project. There will be available on-site, on-demand learning options for people to enhance their knowledge of the latest scientific indoor agriculture methods. The management is optimistic that this project will expand the Agrify ecosystem.
Financial View of the AGFY stock:
AGFY stock showed extraordinary improvement in its first-quarter 2021 revenue. The revenue was 600% higher as compared to the first quarter 2020 revenue. The sales backlog jumped from $59 million in Q4 2020 to $82 million in Q1 2021. The management expects that its full-year revenue will be between $48 million to $50 million.
Wrap Up:
Agrify stock is hot among investors despite any specific reason. The management is focusing on the expansion and overall growth of the stock. Previous financial results were exceptional in terms of revenue and sales backlog. The upcoming financial results next week will further clarify the position of the stock.