Agrify Stock Up 255% Since June; Poised for More Growth
In the crowded world of underperforming U.S. cannabis stocks, it’s nice to find one that’s doing everything right. Newly listed Agrify Corp (NASDAQ:AGFY) is an excellent marijuana company that recently reported record second-quarter results and said it expects to hit the upper target of its full-year revenue guidance.
Agrify has recently signed substantial deals with a few new customers. It has also expanded and enhanced partnerships with existing customers, including:
A $3.5-million agreement to help one customer triple its marijuana flower production in NevadaAn up-to-$2.5-million contract to complete the construction of a 25,000- square-foot expansion for a customer in Denver, COA $12.0-million contract with a Nevada company for the build-out of a 12,400-square-foot facility and an additional five years of software-as-a-service (SaaS) revenue
This helps explain why Agrify stock is up by:
108% over the last month253% over the last three months118% over the last six months
Strong gains indeed, and Wall Street sees brighter days ahead. Of the analysts providing a 12-month price target for AGFY stock, their average price target is $34.33, which points to upside of 16%.
An analyst at Maxim Group, LLC is even more bullish on Agrify stock after Agrify Corp reported its second-quarter results. The analyst hiked his price target from $22.00 to $40.00, which suggests potential gains of 32.5%.
Chart courtesy of StockCharts.com
AGFY Stock Overview
Agrify helps its customers grow cannabis. The Billerica, MA-based company develops advanced hardware and software for the indoor agricultural sector. (Source: “About Us,” Agrify Corp, last accessed August 26, 2021.)
While the company’s technology could be great for growing high-value vegetables and fruits, it’s perfect for the blossoming marijuana industry.
The company uses data, science, and technology to help cultivators grow high-quality,