Angi Inc (NASDAQ:ANGI Receives 'Buy' Rating Upgrade from StockNews.com

Equities research analysts at StockNews.com have revised their stance on Angi Inc NASDAQ:ANGI, a company that specializes in connecting home service professionals with consumers both in the United States and internationally. In a significant development for the company and its investors, StockNews.com has upgraded Angi from a 'hold' to a 'buy' rating, indicating a positive outlook for the stock. The announcement of the upgrade was made in a research note distributed to investors on Thursday, suggesting a potential upside for those holding or considering investment in Angi's stock.

Brokerage Firms Express Their Opinions on Angi

A slew of brokerage firms have recently offered their perspectives on Angi's stock performance. Credit Suisse Group adjusted its price target, moving from $7.00 to $6.00 while maintaining an 'outperform' rating. Similarly, Benchmark revised its price target from $8.00 to $7.00 but retained a 'buy' recommendation. Conversely, KeyCorp cut its price objective from $5.00 to $4.00 yet sustained an 'overweight' rating on the shares of Angi. The Royal Bank of Canada also reduced its target price from $3.25 to $2.25 and labeled the stock as 'sector perform'. Lastly, UBS Group lowered its price target from $3.70 to $3.00, assigning a 'neutral' rating to Angi's shares.

Amidst these adjustments, the consensus still appears to be optimistic. Out of the analysis furnished by various analysts, two have given Angi a 'hold' rating, while eight have given it a 'buy' rating. The average rating aggregates to a 'Moderate Buy' with an average price target settling at $4.32, as per the data provided by MarketBeat.

Angi's Recent Stock Performance

Angi's stock demonstrated an upward trend, opening at $1.75 on the day of the rating upgrade announcement. While Angi has seen a 12-month low of $1.55 and a high of $4.18, its 50-day moving average stood at $1.91, and the 200-day moving average was reported at $2.68. The company, valued with a market cap of $885.99 million, showed a price-to-earnings (P/E) ratio of -9.72 and a beta of 1.69, indicating volatility higher than the market average.

On the earnings front, Angi last disclosed its quarterly earnings on November 8th, reporting a slight earnings per share (EPS) beat. While analysts anticipated an EPS of -$0.03, Angi outpaced estimates by $0.02, delivering an EPS of -$0.01. Despite a negative net margin of 5.61% and a negative return on equity of 6.51%, the firm posted revenues of $371.80 million, a tad shy from the forecasted $377.00 million. Comparing year-on-year figures, the company's revenue experienced a decrease of 25.3%. Analyst predictions regarding Angi's EPS for the current fiscal year sit at -$0.11.

Institutional Investor Sentiment Around Angi

The actions of hedge funds and institutional investors often provide insight into a stock's potential direction. In the case of Angi, there have been varied movements by these large investors. Boulder Hill Capital Management LP initiated a new stake valued at $26,000. Pinnacle Associates Ltd. augmented its holdings by 53.8%, owning shares worth $45,000 subsequent to an additional acquisition of 7,000 shares. Other notable movements include the entry of Bessemer Group Inc. with an investment valued at about $29,000, as well as growth in stake by Mirae Asset Global Investments Co. Ltd. and Brown Advisory Inc., the latter now holding 9,651,819 shares with a total value of $21,910,000.

Understanding Angi's Business Model

Angi Inc. occupies a unique position in the market by bridging the gap between consumers and home service professionals. The company's platform encompasses an extensive online directory of service professionals across a variety of categories, bolstering consumer access with tools and content like verified reviews to facilitate informed hiring choices. Additionally, Angi offers digital advertising solutions to service professionals alongside services such as quoting, invoicing, and payment processing, thus enhancing its comprehensive service offering.

upgrade, buy, hold