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Roth Capital Downgrades Agrify Corp. (AGFY) to Neutral

August 16, 2022 8:42 AM EDT
Get Alerts AGFY Hot Sheet
Price: $0.96 -3.03%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 30 | New: 24
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Roth Capital analyst Scott Fortune downgraded Agrify Corp. (NASDAQ: AGFY) from Buy to Neutral with a price target of $1.50.

The analyst comments "Agrify reported 2Q22 revenues of $19.3M, well below expectations, and lowered '22 guidance in half to $70M-$75M on delays and capital market constraints. Margins contracted (heavier construction mix), as GMs lost 630 bps sequentially (16%), and EBITDA was ($6.1M), triggering covenant modifications. Management removed '22 guidance ($140M-$142M) and delayed TTK projects pushing inflection beyond 2023. Potential REIT partnership would bridge the cash and facility builds to breakeven profitability with additional TTK growth. Given macro/company issues, we now are at a Neutral rating with $1.50 PT. On August 9, we had withdrawn our estimates (now reinstated), and put our previous Buy rating and $11 PT under review awaiting 2Q results."

For an analyst ratings summary and ratings history on Agrify Corp. click here. For more ratings news on Agrify Corp. click here.

Shares of Agrify Corp. closed at $1.37 yesterday.



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